It is considered that the surname is of anthroponymic origin, derived from a personal name. E. Rossoni proposes that it comes from the Latin name Bolo, whose presence is documented from the 1st century BC with the philosopher and physician Bolus of Mendes. According to Rossoni, the surname is typical of the area comprising the Milan, Como, Bergamo and Brescia areas, in the region of Lombardy.

Other sources consider that the surname derives from the hypocoristic Bollo, meaning "dart", and link it with the Bergamo area. Rossoni provides historical documentation that supports the geographical distribution: in the 16th century, in Albino, in the Bergamo area, the mention of Bolo fu Giovanni Maria is recorded, and in a deed of 1583 appears Martino de Bolis Giudice dei pubblici incanti.