As a field, "cryptozoology" originates from the works of Bernard Heuvelmans, a Belgian zoologist, and Ivan T. Sanderson, a Scottish zoologist. Notably, Heuvelmans published On the Track of Unknown Animals in 1955, a landmark work among cryptozoologists that was followed by numerous other like works. Similarly, Sanderson published a series of books that assisted in developing hallmarks of cryptozoology, including Abominable Snowmen: Legend Come to Life (1961).

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The term "cryptozoology" dates from 1959 or before – Heuvelmans attributes the coinage of the term cryptozoology 'the study of hidden animals' to Sanderson.  Patterned after cryptozoology, the term "cryptid" was coined in 1983 by cryptozoologist J. E. Wall in the summer issue of the International Society of Cryptozoology newsletter.  According to Wall "[It has been] suggested that new terms be coined to replace sensational and often misleading terms like 'monster'. My suggestion is 'cryptid', meaning a living thing having the quality of being hidden or unknown ... describing those creatures which are (or may be) subjects of cryptozoological investigation."  While used by most cryptozoologists, the term cryptid is not used by academic zoologists.  In a textbook aimed at undergraduates, academics Caleb W. Lack and Jacques Rousseau note that the subculture's focus on what it deems to be "cryptids" is a pseudoscientic extension of older belief in monsters and other similar entities from the folklore record, yet with a "new, more scientific-sounding name: cryptids".