The Elephant Beetle carries the scientific name Megasoma elephas, with both genus and species names reflecting this insect's impressive size. The genus name Megasoma derives from Greek words meaning 'large body,' accurately describing the robust build of beetles in this group. The species epithet elephas directly references elephants, drawing comparison between the beetle's prominent horns and elephant tusks. This nomenclature was established when German zoologist Carl Ludwig Koch first described the species in 1842.
Multiple common names circulate for this species throughout its range and in the hobby. Most frequently used are Elephant Beetle, Elephant Rhinoceros Beetle, and Elephant Rhino Beetle. The rhinoceros beetle designation groups Megasoma with related horned beetles in the subfamily Dynastinae, commonly called rhinoceros beetles. Some regional names in Spanish-speaking countries reference the beetle's size or horn structure with local terminology.
The species belongs to the family Scarabaeidae, the scarab beetles, which encompasses over 30,000 species worldwide including dung beetles, June bugs, and other familiar groups. Within this family, Megasoma elephas occupies the subfamily Dynastinae alongside other giant beetles like Hercules beetles and Atlas beetles. Several subspecies are recognized across the beetle's geographic range, with Megasoma elephas elephas being the most commonly encountered in the pet trade.

