The sepals and petals are elliptic to egg-shaped, spread widely apart from each other and about 0.7 mm (0.028 in) long.

[2][3][4] Oberonia crateriformis was first formally described in 2006 by David Jones and Mark Clements who published the description in Australian Orchid Research.

The type specimen was grown in the Australian National Botanic Gardens from a plant collected near Eungella.

[5] The specific epithet (crateriformis) refers to the bowl-shaped pit on the labellum.

[4] The cratered fairy orchid grows on trees and rocks in rainforest and in other humid, sheltered places.