8PSK (8 Phase Shift Keying) is a phase modulation algorithm.
Phase modulation is a version of frequency modulation where the phase of the carrier wave is modulated to encode bits of digital information in each phase change.
The “PSK” in 8PSK refers to the use of Phased Shift Keying. Phased Shift Keying is a form of phase modulation which is accomplished by the use of a discrete number of states. 8PSK refers to PSK with 8 sates. With half that number of states, you will have QPSK. With twice the number of states as 8PSK, you will have 16PSK.
Because QPSK has 8 possible states 8PSK is able to encode three bits per symbol.
8PSK is less tolerant of link degradation than QPSK, but provides more data capacity.