The genus Myroxylon was first established by Linnaeus filius in 1781, when he described M. peruiferum based on a specimen collected by Mutis in South America.

[1] The trees are large, growing to 40 metres (130 ft) tall, with evergreen pinnate leaves 15 centimetres (5.9 in) long, with 5–13 leaflets.

With regard to woodworking, the tree is moderately difficult to work but can be finished with a high natural polish; it tends to cause some tool dulling.

The balsam tree can become a highly invasive species when introduced into tropical countries where it is not native.

In Sri Lanka, it has overgrown several hectares of the Udawatta Kele Sanctuary and is rapidly spreading there.

This has given rise to dense stands of young trees where no other vegetation can grow, causing severe ecological disruption, i.e., the disappearance of local, native plant species and consequently of the animals and insects that feed on these.

[6] The tree has also been introduced to several Pacific islands such as Fiji and to Indonesia, and is a potential ecological threat there.