Goychay was a village in the territory of the Goycha area (mahal) of the former Iravan governorate, later in the former Kavar (Yeni Bayazid, Kamo) district, and present-day Gegharkunik province. The name of the village was listed among the ruined villages of the Goycha area in the late 18th and early 19th centuries.

The toponym was coined by combining the words “goy” meaning “blue” and “chay”.