The name "Valhalla Mountains" first appeared in George Mercer Dawson's Geological Survey of Canada map published in 1890.

Dawson applied names derived from Scandinavian mythology to several of the mountain ranges and peaks in Southern Kootenay.

[3] In keeping with the Valhalla theme, this peak was originally labelled "Mount Gimli" on a 1900 Geological Survey of Canada publication, and it was officially adopted April 29, 1998, by the Geographical Names Board of Canada as Gimli Peak.

[4][5] According to Norse mythology, Gimli is the place where the righteous survivors of Ragnarök (doomsday when heaven and earth are destroyed) are foretold to live.

Precipitation runoff from the mountain drains into tributaries of the Slocan River.