The platform emerged above sea level during the Albian and Turonian ages. It drowned about 99 ± 2 million years ago for unknown reasons; possibly a phase of renewed emergence damaged the reefs, or it was located in unfavourable waters. Later, pelagic sedimentation commenced on the seamount and led to the deposition of sediments including limestone, ooze and sand, which bear traces of climatic events and ocean currents.
Allison Guyot is named after E.C. Allison, an oceanographer and paleontologist at the San Diego State College; formerly it was named "Navoceano Guyot". The name "Hamilton Guyot" has also been applied to Allison Guyot but is not correct; Hamilton Guyot is a separate formation in the Mid-Pacific Mountains. The seamount is the source of the Ocean Drilling Program[a]drill core 865A, which was bored into the summit platform of Allison Guyot in 1992 but did not reach the volcanic structure of the underwater mountain. Two other cores 865C and 865B were obtained during the same operation; Allison Guyot is Site 865 Ocean Drilling Program. These drill cores were part of a larger project to investigate and clarify the history of the flat-topped submarine mountains in the Pacific Ocean.