Caroly \c(a)-ro-ly\ as a girl's name is a variant of Carol (Old German), and the meaning of Caroly is "free man".

The baby name Caroly sounds like Carly, Caroll, Carole, Carola and Carely. Other similar baby names are Carolyn, Cally, Carry, Caralyn, Carey, Cary, Carrey, Carla, Carlyn, Carlla, Carli, Carley, Carle, Karly, Carlye, Carmy, Karole, Karol, Caryll, Caryle, Caryl, Carrolyn, Carroll, Carrola, Carrol, Carolynn, Carolin, Carolee, Caro, Carel, Karolyn, Carollyn, Carolyne, Carolan, Carilyn, Caroyln, Caron, Charly, Coraly, Corly, Harly, Caronn, Neroly and Sarely.