Banksia bipinnatifida is a prostrate shrub with a lignotuber, an underground stem and only a few above-ground leaves.

[2][3][4] Specimens of this species were first collected by Charles Fraser near the Swan River during the Stirling expedition of 1827.

[5][6] The specific epithet is a Latinised form of the word "bipinnatifid", in reference to the bipinnate appearance of the leaves.

In 2007 Austin Mast and Kevin Thiele transferred all dryandras to the genus Banksia.

[4] Mast and Thiels also transferred these to Banksia and the names are accepted by the Australian Plant Census: Banksia bipinnatifida occurs south from Eneabba and Mount Lesueur south to Manjimup and Busselton.