The etymology of the name "Basaseachic" originates from the Tarahumara language, Rarámuri meaning "place of the wolves", "basachí" being the word used to call the coyotes.

Basaseachic Falls National Park was created by the Mexican federal government on February 2, 1981, by decree under president Jose Lopez Portillo.

The park was defined to 5,803 hectares (14,340 acres) in the Sierra Madre Occidental along the surrounding area of the Basaseachic Falls and Barranca de Candameña.

A large number of flora species in the following genus are observed in the park: Pinus, Quercus, Ficus, Vachellia, Ipomoea, Acacia, Lysiloma, Bursera, Vitex, Tabebuia, Sideroxylon, Cordia, Fouquieria, Pithecellobium.

The mammals that can be found in the park include: Mexican fox squirrel (Sciurus nayaritensis), antelope jackrabbit (Lepus alleni), raccoon (Procyon lotor), hooded skunk (Mephitis macroura), wild boar (Sus scrofa), collared peccary (Pecari tajacu), white-tailed deer (Odocoileus virginianus), cougar (Puma concolor).

There is a great variety of birds observed in the park including: Mexican jay (Aphelocoma ultramarina), Steller's jay (Cyanocitta stelleri), acorn woodpecker (Melanerpes formicivorus), canyon towhee (Pipilo fuscus), mourning dove (Zenaida macroura), broad-billed hummingbird (Cynanthus latirostris), Montezuma quail (Cyrtonyx montezumae), mountain trogon (Trogon mexicanus), turkey Vulture (Cathartes aura).