The holotype, IVPP V15, a partial skeleton, was found in the Lower Lufeng Formation. Originally considered Triassic, this formation is now seen as dating to the Lower Jurassic (Hettangian–Sinemurian). A second species was named by Yang in 1940/1941 and fully described in 1947: "Lufengosaurus magnus" was, as its specific name suggests ("the large one" in Latin), a significantly (up to a third in length) larger creature than "L. huenei". However, in the West this is often considered a junior synonym of "Lufengosaurus huenei", representing large individuals. About thirty major specimens have been discovered, including those of juveniles. In 1958 an exemplar of "Lufengosaurus" was the first complete dinosaur skeleton mounted in China; a commemorative postage stamp of 8 yuan was issued on 15 April 1958 to celebrate the event, the first time ever a dinosaur was depicted on a stamp. The skeleton is now on display in the Paleozoological Museum of China.