"Blend of Sherri and Lynn"
The name Sherrilyn is commonly a female name from the "English" origin.
Sherrilyn is a twentieth-century English-language name built from two given names, Sherri and Lynn, the same pattern that produced Sherilyn and Cherilyn. Lynn is a Welsh-derived name, from llyn, meaning lake, while Sherri is an American given name that came into wide use in the mid twentieth century. The doubled r and the -lyn ending mark it as a blend of those elements rather than a name with an inherited meaning of its own.
The pronunciation of Sherrilyn is SHER-ih-lin.