[2][3] It was formerly listed in 1759 as a species of Riccia by Linnaeus, but then assigned to a new genus of its own in 1829 by August Carl Joseph Corda.

[5][3] The specific epithet "natans" comes from the Latin word for "swimming", because plants typically float freely in ponds or quiet waters.

The terrestrial form develops into rosettes 25–35 millimetres across,[6] of short and narrow branches having almost parallel sides.

The more usual form is aquatic, and develops as broader, heart-shaped thallus with fewer branchings and long slender purple scales hanging from the underside.

[7] It may form extensive floating colonies in quiet waters,[8] and grows readily in laboratory cultures.