[2] The parish of Øslebø og Løvdal was established as a municipality on 1 January 1838 (see formannskapsdistrikt law).

The old river name was likely derived from the verb eyða which means "to destroy".

The last element is bœr which means "farm" or "farmstead".

Historically, the name was spelled Øslebø or Øislebø.

The old river name is identical to the word laug which means "bath".