Named after Oakwood Park, which took its name from a house called Oak Lodge.
Oak Lodge stood in the grounds from the late 19th century until the First World War. Oakwood was among the names suggested for the station, but it opened in 1933 as Enfield West. That name proved unpopular, as Enfield is about 2 miles away, and after protests from Southgate Council it became Oakwood in 1946.