1540s, "to raise," earlier hoise (c.1500), probably originally past tense of Middle English hysse (late 15c.), which is probably from Middle Dutch hyssen (Dutch hijsen) "to hoist," related to Low German hissen and Old Norse hissa upp "raise." A nautical word found in most European languages (e.g. French hisser, Italian issare, Spanish izar), but it is uncertain which had it first. Related: Hoisted; hoisting. In phrase hoist with one's own petard, it is the past participle.
Meaning "to lift and remove" was prevalent c.1550-1750. As a noun, 1650s, from the verb.