The name is derived from the words gigad (meaning "shore") and gakit (meaning "bamboo raft") and refers to the means of transportation that the early settlers used to travel from the inland to the shore.
Gigaquit was established in 1850 by a certain Cero, a native who fortified the place to make it safe from Moro raiders. During this period, the local population was Christianized by priests from religious orders who made Saint Augustine their patron saint.
Bacuag and Claver, which formerly were part of Gigaquit, became separate municipalities in 1918 and 1955 under Executive Order Nos. 61 and 126 respectively.