This is the term used by europeans in the 16 century to describe the land they discovered between europe and asia

The term used by Europeans in the 16th century was The New World.

The arrival of the expedition leaded by Columbus in 1492 to American soil,  allowed to expand the horizon of geography, as in Europe, where the expression was originated, it was believed that the world consisted just on Europe, Africa and Asia. These would constitute the 'Old World' while the territories explored in the new continent were denominated the New World.