In 1937 a part of neighboring Uvdal with 220 inhabitants moved to Hol municipality.

The municipality (originally the parish) is named after the old Hol farm (Old Norse: Hóll), since the first church was built here.

The name is identical with the word hóll, which means 'round (and isolated) hill'.

They show three silver anvils on a blue background and were designed by Trond Andersson.

The anvil was chosen to symbolize the former smithies in the municipality, which were famous for the production of axes, blades, and knives.