diff --git a/checker/ETSchecker.cpp b/checker/ETSchecker.cpp
index 012965f48de6166ad4eafa203faee5157f7bb690..fe0c2b02fa565dd709a03c666362b7795ee68481 100644
--- a/checker/ETSchecker.cpp
+++ b/checker/ETSchecker.cpp
@@ -227,9 +227,9 @@ ETSObjectType *ETSChecker::GlobalBuiltinExceptionType() const
     return AsETSObjectType(&GlobalTypesHolder::GlobalExceptionBuiltinType);
 }
 
-ETSObjectType *ETSChecker::GlobalBuiltinPanicType() const
+ETSObjectType *ETSChecker::GlobalBuiltinErrorType() const
 {
-    return AsETSObjectType(&GlobalTypesHolder::GlobalPanicBuiltinType);
+    return AsETSObjectType(&GlobalTypesHolder::GlobalErrorBuiltinType);
 }
 
 ETSObjectType *ETSChecker::GlobalStringBuilderBuiltinType() const
diff --git a/checker/ETSchecker.h b/checker/ETSchecker.h
index 3628001975f9a759cadeb014eaacf4a889ee903f..d037ce9ef8cae064e1828a5bbd3a17aa2bcf7963 100644
--- a/checker/ETSchecker.h
+++ b/checker/ETSchecker.h
@@ -120,7 +120,7 @@ public:
     ETSObjectType *GlobalBuiltinETSStringType() const;
     ETSObjectType *GlobalBuiltinTypeType() const;
     ETSObjectType *GlobalBuiltinExceptionType() const;
-    ETSObjectType *GlobalBuiltinPanicType() const;
+    ETSObjectType *GlobalBuiltinErrorType() const;
     ETSObjectType *GlobalStringBuilderBuiltinType() const;
     ETSObjectType *GlobalBuiltinPromiseType() const;
 
diff --git a/checker/ets/object.cpp b/checker/ets/object.cpp
index 5153d13bb2406d15c9c9305e9acc9b6218a3c165..bed7c1d50bfcc9a2619f00d97d5bdb07a1bf5128 100644
--- a/checker/ets/object.cpp
+++ b/checker/ets/object.cpp
@@ -892,7 +892,7 @@ ETSObjectType *ETSChecker::CheckExceptionType(checker::Type *type, lexer::Source
 
 ETSObjectType *ETSChecker::CheckRuntimeExceptionType(checker::Type *type, lexer::SourcePosition pos)
 {
-    return CheckException(type, pos, GlobalBuiltinPanicType(), compiler::Signatures::BUILTIN_PANIC_CLASS);
+    return CheckException(type, pos, GlobalBuiltinErrorType(), compiler::Signatures::BUILTIN_ERROR_CLASS);
 }
 
 ETSObjectType *ETSChecker::CheckException(checker::Type *type, lexer::SourcePosition pos, ETSObjectType *expected,
diff --git a/checker/ets/typeCreation.cpp b/checker/ets/typeCreation.cpp
index cbcc6f43a883c392f6b74275acc0d4eb3027c841..1d0ec6904c4a8331a1083758473186cf490e8ca5 100644
--- a/checker/ets/typeCreation.cpp
+++ b/checker/ets/typeCreation.cpp
@@ -190,11 +190,11 @@ ETSObjectType *ETSChecker::CreateETSObjectTypeCheckBuiltins(util::StringView nam
             return GlobalBuiltinExceptionType();
         }
         GetGlobalTypesHolder()->GlobalTypes()[static_cast<size_t>(GlobalTypeId::ETS_EXCEPTION_BUILTIN)] = obj_type;
-    } else if (name == compiler::Signatures::BUILTIN_PANIC_CLASS) {
-        if (GlobalBuiltinPanicType() != nullptr) {
-            return GlobalBuiltinPanicType();
+    } else if (name == compiler::Signatures::BUILTIN_ERROR_CLASS) {
+        if (GlobalBuiltinErrorType() != nullptr) {
+            return GlobalBuiltinErrorType();
         }
-        GetGlobalTypesHolder()->GlobalTypes()[static_cast<size_t>(GlobalTypeId::ETS_PANIC_BUILTIN)] = obj_type;
+        GetGlobalTypesHolder()->GlobalTypes()[static_cast<size_t>(GlobalTypeId::ETS_ERROR_BUILTIN)] = obj_type;
     } else if (name == compiler::Signatures::BUILTIN_TYPE_CLASS) {
         if (GlobalBuiltinTypeType() != nullptr) {
             return GlobalBuiltinTypeType();
diff --git a/checker/types/globalTypesHolder.cpp b/checker/types/globalTypesHolder.cpp
index 35e0dae232fca5455cf5b20ff15c259cb6a6d680..dd3a596e1a8bb0edf1c2d0b0a1fa43e49c79bf43 100644
--- a/checker/types/globalTypesHolder.cpp
+++ b/checker/types/globalTypesHolder.cpp
@@ -110,7 +110,7 @@ GlobalTypesHolder::GlobalTypesHolder(ArenaAllocator *allocator) : builtin_name_m
     builtin_name_mappings_.emplace("Long", GlobalTypeId::ETS_LONG_BUILTIN);
     builtin_name_mappings_.emplace("Map", GlobalTypeId::ETS_MAP_BUILTIN);
     builtin_name_mappings_.emplace("Object", GlobalTypeId::ETS_OBJECT_BUILTIN);
-    builtin_name_mappings_.emplace("Panic", GlobalTypeId::ETS_PANIC_BUILTIN);
+    builtin_name_mappings_.emplace("Error", GlobalTypeId::ETS_ERROR_BUILTIN);
     builtin_name_mappings_.emplace("Runtime", GlobalTypeId::ETS_RUNTIME_BUILTIN);
     builtin_name_mappings_.emplace("Set", GlobalTypeId::ETS_SET_BUILTIN);
     builtin_name_mappings_.emplace("Short", GlobalTypeId::ETS_SHORT_BUILTIN);
@@ -124,10 +124,10 @@ GlobalTypesHolder::GlobalTypesHolder(ArenaAllocator *allocator) : builtin_name_m
     builtin_name_mappings_.emplace("ClassCastException", GlobalTypeId::ETS_CLASS_CAST_EXCEPTION_BUILTIN);
     builtin_name_mappings_.emplace("OutOfMemoryError", GlobalTypeId::ETS_OUT_OF_MEMORY_ERROR_BUILTIN);
     builtin_name_mappings_.emplace("NoSuchMethodError", GlobalTypeId::ETS_NO_SUCH_METHOD_ERROR_BUILTIN);
-    builtin_name_mappings_.emplace("AssertionPanic", GlobalTypeId::ETS_ASSERTION_PANIC_BUILTIN);
-    builtin_name_mappings_.emplace("DivideByZeroPanic", GlobalTypeId::ETS_DIVIDE_BY_ZERO_PANIC_BUILTIN);
-    builtin_name_mappings_.emplace("NullPointerPanic", GlobalTypeId::ETS_NULL_POINTER_PANIC_BUILTIN);
-    builtin_name_mappings_.emplace("UncatchedExceptionPanic", GlobalTypeId::ETS_UNCATCHED_EXCEPTION_PANIC_BUILTIN);
+    builtin_name_mappings_.emplace("AssertionError", GlobalTypeId::ETS_ASSERTION_ERROR_BUILTIN);
+    builtin_name_mappings_.emplace("DivideByZeroError", GlobalTypeId::ETS_DIVIDE_BY_ZERO_ERROR_BUILTIN);
+    builtin_name_mappings_.emplace("NullPointerError", GlobalTypeId::ETS_NULL_POINTER_ERROR_BUILTIN);
+    builtin_name_mappings_.emplace("UncatchedExceptionError", GlobalTypeId::ETS_UNCATCHED_EXCEPTION_ERROR_BUILTIN);
     builtin_name_mappings_.emplace("String", GlobalTypeId::ETS_STRING_BUILTIN);
     builtin_name_mappings_.emplace("StringBuilder", GlobalTypeId::ETS_STRING_BUILDER_BUILTIN);
     builtin_name_mappings_.emplace("Type", GlobalTypeId::ETS_TYPE_BUILTIN);
@@ -380,9 +380,9 @@ Type *GlobalTypesHolder::GlobalMapBuiltinType()
     return global_types_.at(static_cast<size_t>(GlobalTypeId::ETS_MAP_BUILTIN));
 }
 
-Type *GlobalTypesHolder::GlobalPanicBuiltinType()
+Type *GlobalTypesHolder::GlobalErrorBuiltinType()
 {
-    return global_types_.at(static_cast<size_t>(GlobalTypeId::ETS_PANIC_BUILTIN));
+    return global_types_.at(static_cast<size_t>(GlobalTypeId::ETS_ERROR_BUILTIN));
 }
 
 Type *GlobalTypesHolder::GlobalRuntimeBuiltinType()
@@ -445,24 +445,24 @@ Type *GlobalTypesHolder::GlobalNoSuchMethodErrorBuiltinType()
     return global_types_.at(static_cast<size_t>(GlobalTypeId::ETS_NO_SUCH_METHOD_ERROR_BUILTIN));
 }
 
-Type *GlobalTypesHolder::GlobalAssertionPanicBuiltinType()
+Type *GlobalTypesHolder::GlobalAssertionErrorBuiltinType()
 {
-    return global_types_.at(static_cast<size_t>(GlobalTypeId::ETS_ASSERTION_PANIC_BUILTIN));
+    return global_types_.at(static_cast<size_t>(GlobalTypeId::ETS_ASSERTION_ERROR_BUILTIN));
 }
 
-Type *GlobalTypesHolder::GlobalDivideByZeroPanicBuiltinType()
+Type *GlobalTypesHolder::GlobalDivideByZeroErrorBuiltinType()
 {
-    return global_types_.at(static_cast<size_t>(GlobalTypeId::ETS_DIVIDE_BY_ZERO_PANIC_BUILTIN));
+    return global_types_.at(static_cast<size_t>(GlobalTypeId::ETS_DIVIDE_BY_ZERO_ERROR_BUILTIN));
 }
 
-Type *GlobalTypesHolder::GlobalNullPointerPanicBuiltinType()
+Type *GlobalTypesHolder::GlobalNullPointerErrorBuiltinType()
 {
-    return global_types_.at(static_cast<size_t>(GlobalTypeId::ETS_NULL_POINTER_PANIC_BUILTIN));
+    return global_types_.at(static_cast<size_t>(GlobalTypeId::ETS_NULL_POINTER_ERROR_BUILTIN));
 }
 
-Type *GlobalTypesHolder::GlobalUncatchedExceptionPanicBuiltinType()
+Type *GlobalTypesHolder::GlobalUncatchedExceptionErrorBuiltinType()
 {
-    return global_types_.at(static_cast<size_t>(GlobalTypeId::ETS_UNCATCHED_EXCEPTION_PANIC_BUILTIN));
+    return global_types_.at(static_cast<size_t>(GlobalTypeId::ETS_UNCATCHED_EXCEPTION_ERROR_BUILTIN));
 }
 
 Type *GlobalTypesHolder::GlobalETSStringBuiltinType()
diff --git a/checker/types/globalTypesHolder.h b/checker/types/globalTypesHolder.h
index ecd27f3cc1f03a026f989021f928187785f0af27..f0f1ee4d2839e354f14b4c4e89dbff3d6479dc0f 100644
--- a/checker/types/globalTypesHolder.h
+++ b/checker/types/globalTypesHolder.h
@@ -70,7 +70,7 @@ enum class GlobalTypeId {
     ETS_INTEGRAL_BUILTIN,
     ETS_LONG_BUILTIN,
     ETS_MAP_BUILTIN,
-    ETS_PANIC_BUILTIN,
+    ETS_ERROR_BUILTIN,
     ETS_RUNTIME_BUILTIN,
     ETS_SET_BUILTIN,
     ETS_SHORT_BUILTIN,
@@ -83,10 +83,10 @@ enum class GlobalTypeId {
     ETS_CLASS_CAST_EXCEPTION_BUILTIN,
     ETS_OUT_OF_MEMORY_ERROR_BUILTIN,
     ETS_NO_SUCH_METHOD_ERROR_BUILTIN,
-    ETS_ASSERTION_PANIC_BUILTIN,
-    ETS_DIVIDE_BY_ZERO_PANIC_BUILTIN,
-    ETS_NULL_POINTER_PANIC_BUILTIN,
-    ETS_UNCATCHED_EXCEPTION_PANIC_BUILTIN,
+    ETS_ASSERTION_ERROR_BUILTIN,
+    ETS_DIVIDE_BY_ZERO_ERROR_BUILTIN,
+    ETS_NULL_POINTER_ERROR_BUILTIN,
+    ETS_UNCATCHED_EXCEPTION_ERROR_BUILTIN,
     ETS_STRING_BUILTIN,
     ETS_STRING_BUILDER_BUILTIN,
     ETS_TYPE_BUILTIN,
@@ -154,7 +154,7 @@ public:
     Type *GlobalIntegralBuiltinType();
     Type *GlobalLongBuiltinType();
     Type *GlobalMapBuiltinType();
-    Type *GlobalPanicBuiltinType();
+    Type *GlobalErrorBuiltinType();
     Type *GlobalRuntimeBuiltinType();
     Type *GlobalSetBuiltinType();
     Type *GlobalShortBuiltinType();
@@ -167,10 +167,10 @@ public:
     [[nodiscard]] Type *GlobalClassCastExceptionBuiltinType() const noexcept;
     Type *GlobalClassOutOfMemoryErrorBuiltinType();
     Type *GlobalNoSuchMethodErrorBuiltinType();
-    Type *GlobalAssertionPanicBuiltinType();
-    Type *GlobalDivideByZeroPanicBuiltinType();
-    Type *GlobalNullPointerPanicBuiltinType();
-    Type *GlobalUncatchedExceptionPanicBuiltinType();
+    Type *GlobalAssertionErrorBuiltinType();
+    Type *GlobalDivideByZeroErrorBuiltinType();
+    Type *GlobalNullPointerErrorBuiltinType();
+    Type *GlobalUncatchedExceptionErrorBuiltinType();
     Type *GlobalETSStringBuiltinType();
     Type *GlobalStringBuilderBuiltinType();
     Type *GlobalTypeBuiltinType();
diff --git a/compiler/scripts/signatures.yaml b/compiler/scripts/signatures.yaml
index c69e79e6ef169de96dd12f7b4ad67e91148036a7..940b9927b6162444c48b0a9b76ab9bf8a289a982 100644
--- a/compiler/scripts/signatures.yaml
+++ b/compiler/scripts/signatures.yaml
@@ -167,18 +167,18 @@ builtins:
   - name: Object
     package: PKG_STD_CORE
     ref: BUILTIN_OBJECT
-  - name: AssertionPanic
+  - name: AssertionError
     package: PKG_STD_CORE
-    ref: BUILTIN_ASSERTION_PANIC
+    ref: BUILTIN_ASSERTION_ERROR
   - name: String
     package: PKG_STD_CORE
     ref: BUILTIN_STRING
   - name: Exception
     package: PKG_STD_CORE
     ref: BUILTIN_EXCEPTION
-  - name: Panic
+  - name: Error
     package: PKG_STD_CORE
-    ref: BUILTIN_PANIC
+    ref: BUILTIN_ERROR
   - name: Throwable
     package: PKG_STD_CORE
     ref: BUILTIN_THROWABLE
@@ -247,11 +247,11 @@ signatures:
     return_type: PRIMITIVE_BOOLEAN
     ref: BUILTIN_STRING_EQUALS
 
-  - callee: BUILTIN_ASSERTION_PANIC
+  - callee: BUILTIN_ASSERTION_ERROR
     method_name: $CTOR
     params: [BUILTIN_STRING]
     return_type: PRIMITIVE_VOID
-    ref: BUILTIN_ASSERTION_PANIC_CTOR
+    ref: BUILTIN_ASSERTION_ERROR_CTOR
 
   - callee: BUILTIN_THROWABLE
     method_name: $CTOR
diff --git a/ir/base/catchClause.cpp b/ir/base/catchClause.cpp
index 685e3f27b6dd5866a127f9379202855b85ceb26b..b155b347228b52eacd62afedb19c94ca693e95d4 100644
--- a/ir/base/catchClause.cpp
+++ b/ir/base/catchClause.cpp
@@ -96,7 +96,7 @@ checker::Type *CatchClause::Check([[maybe_unused]] checker::ETSChecker *checker)
 {
     checker::ETSObjectType *exception_type = (clause_type_ == CatchClauseType::CATCH)
                                                  ? checker->GlobalBuiltinExceptionType()
-                                                 : checker->GlobalBuiltinPanicType();
+                                                 : checker->GlobalBuiltinErrorType();
 
     if (param_ != nullptr) {
         auto *param_ident = param_->AsIdentifier();
diff --git a/ir/statements/assertStatement.cpp b/ir/statements/assertStatement.cpp
index b0dbf199854db14a0e2aa63fb5ed64b156a89a5b..4aa3284eb57fddd968f2a5399b255df0772c1516 100644
--- a/ir/statements/assertStatement.cpp
+++ b/ir/statements/assertStatement.cpp
@@ -55,8 +55,8 @@ void AssertStatement::ThrowError(compiler::ETSGen *etsg) const
     etsg->StoreAccumulator(this, message);
 
     compiler::VReg assertion_error = etsg->AllocReg(etsg->Checker()->GlobalETSObjectType());
-    etsg->NewObject(this, assertion_error, compiler::Signatures::BUILTIN_ASSERTION_PANIC);
-    etsg->CallThisStatic1(this, assertion_error, compiler::Signatures::BUILTIN_ASSERTION_PANIC_CTOR, message);
+    etsg->NewObject(this, assertion_error, compiler::Signatures::BUILTIN_ASSERTION_ERROR);
+    etsg->CallThisStatic1(this, assertion_error, compiler::Signatures::BUILTIN_ASSERTION_ERROR_CTOR, message);
     etsg->EmitThrow(this, assertion_error);
 }
 
diff --git a/ir/statements/tryStatement.cpp b/ir/statements/tryStatement.cpp
index 3a59d9ff2d98fb126638ee3bced6cafa56115c4e..44d5679a3600a29b8f1a0f27f015ea0a8706174a 100644
--- a/ir/statements/tryStatement.cpp
+++ b/ir/statements/tryStatement.cpp
@@ -173,7 +173,7 @@ void TryStatement::Compile([[maybe_unused]] compiler::ETSGen *etsg) const
     compiler::VReg exception = etsg->StoreException(this);
 
     compiler::Label *recover_label = etsg->AllocLabel();
-    etsg->IsInstance(this, compiler::Signatures::BUILTIN_PANIC);
+    etsg->IsInstance(this, compiler::Signatures::BUILTIN_ERROR);
     etsg->BranchIfTrue(this, recover_label);
 
     for (auto *catch_clause : catch_clauses_) {
diff --git a/lexer/scripts/keywords.yaml b/lexer/scripts/keywords.yaml
index 991b2965c3be571732271439de856291fbbc4bb8..238084766849a6330af0c651457a2e70a57dd004 100644
--- a/lexer/scripts/keywords.yaml
+++ b/lexer/scripts/keywords.yaml
@@ -348,8 +348,8 @@ keywords:
     token: KEYW_PACKAGE
     keyword: [js, ts, as, ets]
 
-  - name: 'panic'
-    token: KEYW_PANIC
+  - name: 'error'
+    token: KEYW_ERROR
     keyword: [ets]
 
   - name: 'internal'
diff --git a/lexer/token/token.cpp b/lexer/token/token.cpp
index 8593440cc25aa0b872414e944523a61cffb1d5ea..7b4923c3b5b7996a5c8af1c8b1fee630ef795f75 100644
--- a/lexer/token/token.cpp
+++ b/lexer/token/token.cpp
@@ -408,8 +408,8 @@ const char *TokenToString(TokenType type)  // NOLINT(readability-function-size)
             return "implements";
         case TokenType::KEYW_INTERFACE:
             return "interface";
-        case TokenType::KEYW_PANIC:
-            return "panic";
+        case TokenType::KEYW_ERROR:
+            return "error";
         case TokenType::KEYW_PACKAGE:
             return "package";
         case TokenType::KEYW_LET:
diff --git a/lexer/token/tokenType.h b/lexer/token/tokenType.h
index 058c0d6e827f109c2190164ec9bed265631c2f8a..9e5c74ee5f6465a6ef5b3e48ae2e1b21ed7e1560 100644
--- a/lexer/token/tokenType.h
+++ b/lexer/token/tokenType.h
@@ -201,7 +201,7 @@ enum class TokenType {
     KEYW_IS,
     KEYW_ASSERTS,
     KEYW_ASSERT,
-    KEYW_PANIC,
+    KEYW_ERROR,
     KEYW_DEFER,
     KEYW_RECOVER,
     KEYW_TRAP,
diff --git a/parser/ETSparser.cpp b/parser/ETSparser.cpp
index b82a18b0add2eb8bae2056d985dd2523babe108f..db032df06477cc5176425a538578853b0426521f 100644
--- a/parser/ETSparser.cpp
+++ b/parser/ETSparser.cpp
@@ -2340,7 +2340,7 @@ ir::Statement *ETSParser::ParseAssertStatement()
     return as_statement;
 }
 
-ir::Statement *ETSParser::ParsePanicStatement()
+ir::Statement *ETSParser::ParseErrorStatement()
 {
     lexer::SourcePosition start_loc = Lexer()->GetToken().Start();
     Lexer()->NextToken();  // eat panic
diff --git a/parser/ETSparser.h b/parser/ETSparser.h
index 772a66dfc1bbe54fcf0bfc3ccbdd2d381a77a62d..0ad51b67d8bbcccfe1fb29af9c44cbc2f8717b31 100644
--- a/parser/ETSparser.h
+++ b/parser/ETSparser.h
@@ -128,7 +128,7 @@ private:
                                                bool ignore_call_expression, bool *is_chain_expression) override;
     ir::Expression *ParsePotentialAsExpression(ir::Expression *primary_expr) override;
     ir::Statement *ParseAssertStatement() override;
-    ir::Statement *ParsePanicStatement() override;
+    ir::Statement *ParseErrorStatement() override;
     ir::Statement *ParseDeferStatement() override;
     void ParseCatchParamTypeAnnotation([[maybe_unused]] ir::AnnotatedExpression *param) override;
     ir::Expression *ParseSuperClassReference() override;
diff --git a/parser/parserImpl.h b/parser/parserImpl.h
index 11a322f877d3fa8dbf0b314674828d7c99fb163f..45ce9387133087ed12cb681d726944bcecefa97a 100644
--- a/parser/parserImpl.h
+++ b/parser/parserImpl.h
@@ -331,7 +331,7 @@ protected:
     ArenaVector<ir::Statement *> ParseStatementList(StatementParsingFlags flags = StatementParsingFlags::ALLOW_LEXICAL);
     virtual ir::Statement *ParseAssertStatement();
     virtual ir::Statement *ParseDeferStatement();
-    virtual ir::Statement *ParsePanicStatement();
+    virtual ir::Statement *ParseErrorStatement();
     ir::BlockStatement *ParseBlockStatement();
     ir::BlockStatement *ParseBlockStatement(binder::Scope *scope);
     ir::EmptyStatement *ParseEmptyStatement();
diff --git a/parser/statementParser.cpp b/parser/statementParser.cpp
index 1475d15abd9c14a0c49c5039ea55b9c0ef6bc87e..0c55b39dba2ca41e7500ec8634d315cddad3f022 100644
--- a/parser/statementParser.cpp
+++ b/parser/statementParser.cpp
@@ -133,8 +133,8 @@ ir::Statement *ParserImpl::ParseStatement(StatementParsingFlags flags)
         case lexer::TokenType::KEYW_THROW: {
             return ParseThrowStatement();
         }
-        case lexer::TokenType::KEYW_PANIC: {
-            return ParsePanicStatement();
+        case lexer::TokenType::KEYW_ERROR: {
+            return ParseErrorStatement();
         }
         case lexer::TokenType::KEYW_RETURN: {
             return ParseReturnStatement();
@@ -371,7 +371,7 @@ ir::Statement *ParserImpl::ParseAssertStatement()
     return nullptr;
 }
 
-ir::Statement *ParserImpl::ParsePanicStatement()
+ir::Statement *ParserImpl::ParseErrorStatement()
 {
     return nullptr;
 }