Linnaeus described the bonefish in 1758, designating it a species within the genus Esox, a taxon that at the time already referred to at least one species of the holarctic freshwater pikes and pickerels. Recognizing the conflict, later workers placed the bonefish in the available genus Albula. The scientific name Albula vulpes is derived from Latin, and can be translated as "white fox".

The fly in the fishes' mouth is one tied by Buddy Pinder... features pale pink head; fox fur body.