Ashby Folville, in the East Goscote Hundred of Leicestershire, is likely an Anglo-Scandinavian name coming from Old English æsc ‘ash-tree’ and Old Norse by ‘a farmstead, a village’. Some spellings may show influence of Old Norse eski ‘a place growing with ash-trees’ or even Old English esce ‘a stand of ash-trees’ on the first element.
The suffix Folville comes from the de Folevill family who held the manor from the mid twelfth century until at least 1368.