Ranunculaceae is a large plant family that is distributed worldwide. The family is considered one of the basal families of the eudicots. Members of the Ranunculaceae family show a wide variation in morphological characters, particularly in their fruits and floral arrangement. The family was divided into three subfamilies and eleven tribes by Tamaru in 1995. This classification was done based on the fruit type, carpel and chromosome number.

This plant was formerly called Ranunculus baurii and underwent a taxonomic reclassification and it is now known as Peltocalathos baurii. This reclassification was primarily based on a comprehensive taxonomic review in 1992 by Michio Tamura who first described Peltocalathos as a monotypic genus on the basis of its peltate leaves and longitudinally veined and ribbed achenes, which distinguish it from other Ranunculus species. Tamura (1927–2007) was a distinguished botanist and researcher and was known for his extensive work on the taxonomy and phylogeny of the Ranunculaceae.

The genus name Ranunculus means ‘small frog’ in Latin and refers to the wetland or running stream habitat that frogs and these plants typically inhabit. The genus name Peltocalathos is derived from the Greek words pelte meaning ‘shield’ and kalathos meaning ‘basket’ or ‘cup’, which might be in reference to the shape of the leaves and flowers. The species name baurii is in honour of Rev. Leopold Baur (1825–1889) who was a missionary and noted botanist and naturalist associated with the discovery and collection of the species.