The ocellated frogfish was first formally described as Lophius histrio ocellatus by the German naturalists Marcus Elieser Bloch and Johann Gottlob Theaenus Schneider with its type locality given as Havana.

[4] The 5th edition of Fishes of the World classifies the genus Fowlerichthys in the family Antennariidae within the suborder Antennarioidei within the order Lophiiformes, the anglerfishes.

[6] The ocellated frogfish has a somewhat compressed, globose body with the eyes placed on the sides of the head and a large upwardly pointing mouth with many small teeth.

The small gill openings are located to the rear and below the base of the pectoral fin, which is limb-like with and elbow like joint and broad connection to the body.

The female's ovaries resemble tightly wound double scrolls and when they lay eggs these are encased in a gelatinous mass which floats.