The name opoponax historically refers to two distinct plant resins. Originally it denoted the gum resin of Opopanax chironium, a member of the carrot family native to the eastern Mediterranean and the Middle East, particularly Iran, extracted through incisions in the root and hardening in the air into sticky, reddish-brown tears. In modern perfumery, however, the resin traded under the same name comes almost exclusively from Commiphora guidottii, a tree related to frankincense and myrrh, native to the arid regions of East Africa, particularly Somalia and Ethiopia, where it is also known as "sweet myrrh" or bisabol myrrh. Despite the botanical mix-up, both plants belong to families already represented elsewhere among the incense plants used here — Opopanax chironium close to galbanum, likewise used, and Commiphora guidottii in the immediate botanical neighborhood of frankincense and myrrh.

The name opoponax derives from Ancient Greek, roughly meaning "juice of the all-healer" — a reference to the legendary healing plant Panaces, already described by classical authors such as Pliny and Dioscorides in their medical writings and used against cramps, inflammation, and respiratory ailments, though its botanical identity remains uncertain to this day. The modern opoponax of perfumery differs botanically from this ancient plant, but continues to carry its storied name — a rare case of a fragrance name migrating, across centuries, from one species onto an entirely different one. Perfumers sometimes jokingly call it a case of mistaken identity with a very long tradition behind it.

Burned, opoponax releases a warm, sweet, balsamic-spicy scent, related to myrrh but softer and sweeter in character, with faintly animalic and earthy undertones. It is valued in perfumery and traditionally associated with comfort, warmth, and a gentle, enveloping depth. In modern perfumery, opoponax ranks alongside labdanum and vanilla as one of the core building blocks of the classic "amber" accord. Because of political instability in Somalia, its principal producing region, the supply and price of the raw resin have fluctuated more sharply in recent years than for many other incense resins. This dual nature — an ancient, almost mythical name carried today by an entirely different raw material — makes opoponax one of the more unusual chapters in the history of incense materials.