Any decorative wood panels that are on the lower half of a wall are referred to as wainscoting. Wall panels usually wrap around the entire room, and are made up of a panel and a frame. Wainscoting in a general term, but the exact type depends on the type of panel that is used.
Back in the 1300’s, wainscoting was originally used as a protective barrier against damage and to provide insulation. While it still does serve those purposes, it is also a decorative style choice. One popular trend is two-tone wall panels, with a different color on the panels and the wall to create a nice contrast.