Karalyn \k(a)-ral-yn, kar(a)-lyn\ as a girl's name is a variant of Caroline (Old German), Kara and Karolina (Slavic), and the meaning of Karalyn is "free man".
The baby name Karalyn sounds like Caralyn, Karlyn, Karolyn, Karilyn, Karelyn and Karalynn. Other similar baby names are Laralyn, Maralyn, Saralyn and Taralyn.