The name Lily is derived from the flower of the same name, which has origins in the Greek word "leirion". This name was borrowed into Latin as "lilium" and eventually made its way into Old French as "li" and "lie". The French form "lie" was later adopted into English as the name Lily.

In ancient Greece, the lily flower held symbolic meaning, representing purity, innocence, and fertility. It was associated with the goddess Hera, the queen of the gods, and was often depicted in artworks and literature from that era. The lily's association with the Virgin Mary in Christian symbolism also contributed to the name's popularity in Europe during the Middle Ages.

One of the earliest recorded uses of the name Lily was in the 12th century, when it was borne by Lily of Arles, a French noblewoman who lived from around 1095 to 1150. In the 13th century, Lily of Panissières (c. 1235-1285) was a French mystic and religious writer. The name was also popular among English nobility, with Lily de Whittington (1330-1376) being a notable example from the 14th century.

In the 16th century, Lily Tyndale (c. 1510-1556) was an English Protestant martyr who was burned at the stake for her religious beliefs. In the 17th century, Lily Higginson (1636-1687) was an English poet and playwright. During the 18th century, Lily Langtry (1853-1929) was a famous British actress and socialite, known as the "Jersey Lily".

Other notable historical figures with the name Lily include Lily Braun (1865-1916), a German writer and feminist; Lily Yeats (1866-1949), an Irish embroiderer and co-founder of the Cuala Industries; and Lily Pons (1898-1976), a French-American operatic soprano.

The name Lily has a rich history spanning cultures and centuries, with its origins rooted in the symbolic meaning of the lily flower. Its association with purity and innocence has made it a popular choice for parents throughout the ages, and its enduring appeal is reflected in the many notable figures who have borne this name throughout history.