Phosphodiesterases (PDEs) encoded by nidoviruses and rotaviruses (RVs) promote viral replication and pathogenesis. Putatively acquired by horizontal transfer of cellular PDE ancestor genes, viral PDEs inhibit the OAS-RNase L antiviral pathway, a key effector component of the innate immune response to dsRNA. Although the functional significance of these proteins is well-characterized, the evolutionary history of these proteins is less clear. We used phylogenetic approaches to identify at least five independent PDE acquisition events in viral evolutionary history. In addition, we assess that these PDE-encoding genes were horizontally transferred between coronavirus genera. Three viral clades withinNidovirales, merbecoviruses (MERS-CoV), embecoviruses (OC43), and toroviruses encode independently acquired PDEs, and a clade of rodent alphacoronaviruses acquired the embecovirus PDE via a relatively recent horizontal transfer event. Among rotaviruses, the Rotavirus A PDE was acquired independently from Rotavirus B and G PDEs, which share a common ancestor. Conserved motif analysis links all viral PDEs to a common ancestor among the mammalian AKAP7 proteins despite overall low levels of sequence conservation across these proteins. Additionally, we used ancestral sequence reconstruction and structural modeling to reveal that sequence and structural divergence are not well-correlated among these proteins. Specifically, merbecovirus PDEs are as structurally divergent from the ancestral protein and the solved human AKAP7 PDE structure as they are from each other. In contrast, comparisons of Rotavirus B and G PDEs reveal virtually unchanged structures despite evidence for loss of function in one, suggesting functionally significant changes that lie outside conserved catalytic sites. These findings highlight the complex and volatile evolutionary history of viral PDEs and provide a new framework to facilitate future studies on structural and sequence determinants of PDE function.