Through historical evidence, it seems that the island received its name from the grant of the manor of Bray to the Queen or Queen Dowager of England in 1299. "Eyot" is old English and is the definition given to a small island or islet mostly found in rivers, and is pronounced 'eight'.

In 1898, Colonel Victor Van de Weyer came to the College with a generous and timely offer. His suggestion was that the College might find a use for Queen's Eyot. Although Dr Warre (the Head Master of Eton at the time) and Mr Churchill went to visit the island on a wet and dreary afternoon when half the island was submerged, this did not put Dr Warre off and the Colonel's offer was accepted. He could not make a free gift of the island because the property was entailed, but he granted a ninety-nine years lease for a peppercorn rent. His son, Major William, was not fettered by such an entail when he succeeded to the estate, and he completed the transfer so that through the exchange of ten shillings the island formally became the property of Eton College in 1923.