E. Rossoni notes that this surname is characteristic of the eastern edge of the Mantua and Verona areas, as well as of the Ferrara area. He proposes two etymological hypotheses: the first derives it from a nickname based on the dialect term malgaudio, with the sense of "displeasure"; the second, which he considers more likely, reads it as an altered form of Malagoli, itself a medieval dialect variant of a diminutive of the name Malachia, which would have evolved successively as Malachiolo, Malacolo, Malagoli, down to the present forms Malagò and Malagodi. This last variant, very rare, would be proper to the western edge of the Ferrara area.

F. De Laurentiis proposes instead a base in the nickname malagode, which would designate dissatisfied people who do not know how to appreciate joys, or else those who take pleasure in the misfortune of others.