Ethelred \e-thel-red, eth(e)-lred\ as a boy's name is of Old English origin, and the meaning of Ethelred is "noble counsel". The name of a king of the West Saxons, and of a king of the English, around the ninth century. Ethelred has 1 variant form: Aethelred. Baby names that sound like Ethelred are Adelard and Adelric.