The article addresses a selection of meanings fundamental to linguistic discourse in Icelandic. Their diverse lexical manifestations were collected from twenty-four works, produced during eight centuries: from the First Grammatical Treatise (1130–1140) to Alexander Jóhannesson’s Frumnorræn málfræði (1920), by which time current grammatical terminology had for the most part reached its “modern” state. The excerpted data is analyzed with regard to its internal organization, by exploring the nature of its systematization, the strategies employed in coining grammatical terminology, and the relationship between current Icelandic grammatical terminology and medieval and early-modern terminology. From the analysis it becomes clear that: (1) calquing (mostly structural) and autonomous word coinage are the most prolific strategies, whereas borrowing and the employment of inherited lexemes are marginal; (2) Latin is the principal direct model for terms, and Danish constitutes another important source. Direct influence of Ælfrician terminology on the Old Icelandic grammatical lexicon is questionable; (3) the terminology currently used primarily comprises terms stemming from the 19th, and to a lesser extent the 18th century, with medieval terminology still being employed only in the case of very basic terms.