Crested Pool has had a variety of names since it was first described by the Hayden Geological Survey of 1871. In 1872, the Hayden survey of that year named the pool—Fire Basin. Also, in 1872, guidebook writer, Harry Norton, named the pool—Circe's Boudoir. Between 1872 and 1927, the pool was known by a variety of names—Diana's Spring, Devil's Well, Blue Crested Spring, Pool Beautiful, Castle Pool, and Diana's Bath. The name Crested Pool was accepted as official by the U.S. Board on Geographical Name committee in 1927, based on the name Crested Hot Spring on Gustavus Belcher's survey map of 1872.
In 1970, a nine-year-old boy, Andrew Clark Hecht, accidentally fell into the spring and died. The Andrew Clark Hecht Memorial Public Safety Achievement Award was created in his memory, and is annually given to the individual or group who contributes the most in public safety. The recipient also receives $1,000 USD.