The site of Buguey was originally called catagayan, a place of many tagay trees.

The name came about after Spanish conquistador Juan de Salcedo asked a native what the name of the place was in 1572.

[5] Buguey is believed to have originated from the Ibanag word Bugay which means "shipwreck".

Poverty Incidence of Buguey Source: Philippine Statistics Authority[12][13][14][15][16][17][18][19] Buguey, belonging to the first legislative district of the province of Cagayan, is governed by a mayor designated as its local chief executive and by a municipal council as its legislative body in accordance with the Local Government Code.

The Schools Division of Cagayan governs the town's public education system.