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Scientists at East Carolina University in the US called the new discovery "Myrmekiaphila neilyoungi" as a token of respect for the musician.
Biologist Jason Bond said in a statement: "There are rather strict rules about how you name new species. As long as these rules are followed you can give a new species just about any name you please.
"With regards to Neil Young, I really enjoy his music and have had a great appreciation of him as an activist for peace and justice."
A species of beetle was previously named after late singer Roy Orbison.
> Neil Young slams 'degrading' MP3s
More: Neil Young, Showbiz
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