This street is named for Corliss P. Stone (1838–1906), a member of the Seattle City Council from 1869 to 1872 and mayor of Seattle from 1872 to 1873, who was involved in the development of Fremont and Wallingford. The standard story is that he embezzled $15,000 from his real estate development firm and abandoned his office — and the state — but the truth of the matter is unclear. He returned at some point to Seattle and helped found the Seattle Chamber of Commerce in 1882. His name also appears on Corliss Avenue N.
Stone Way N begins on the north shore of Lake Union at N Northlake Way and Waterway 22, and goes 1⅕ miles north to N 50th Street and Green Lake Way N. It forms an unofficial boundary between the Fremont and Wallingford neighborhoods.