The Careaga family is often noted for its philanthropic and developmental efforts across the United States. Along with being one of the more important historical links between Castilian Spain and the New World, the Careaga family has been particularly distinguished in California due to its consistent participation in the gradual development of the state. Today, a small portion of the family have also settled on the American East Coast (particularly New York, New Jersey, Pennsylvania, North Carolina, South Carolina, and Florida) and Minnesota, while others can be found in Spain's Basque provence.

The earliest Careaga of written record was a Spanish nobleman born in medieval Castile and sent to Mexico as a military man by the King of Spain. A descendant of his, Colonel Satornino Careaga, was the first of the family to travel to Monterey, California. He was a member of Captain Muñoz's command who risked his life and suffered great pains to protect an exposed and seemingly doomed San Jose Mission. He was survived by two sons, Ramon F. Careaga and Juan B. Careaga. Along with a mutual friend, Daniel Harris, the brothers bought approximately of land formerly belonging to the De la Guerra family (early Spaniards who figured prominently in the state history). Later, in the division, Harris took some while the Careaga brothers held more than 10,000. It was on Ramon Careaga's land that oil was first discovered in the Santa Maria Valley.

The alternate spelling of the esteemed surname is "Kareaga." It is derived from the spanish "kare" (lime) and "aga" (place), thus seems to refer to a "limy place." Several medieval estates of the family's continue to exist in Spain today, including two located in Markina-Xemein and Murelaga. The family coat of arms is distinguishable by its gold and silver tones as well as two wolves of saber.

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