It is presumed to have been named after the 14th century battle site in Scotland, and grew as a coaching stop during the 1850s and 1860s, when the main route to the Ballarat goldfields was via the port of Geelong.

[3] The local railway station was originally called Leigh Road but the name was changed to Bannockburn in 1904.

In the 1940s, the lock up's adjoining police station residence became a farmhouse at a Hills Road property in Batesford.

[6][7][8][9] In 1942, the United States Army established the Kane Ammunition/Ordnance Depot in order to assist with their operations in the Pacific Theatre of World War II.

The base, located in the triangular slice of land between Brislane Road, Harvey Road and the Western standard gauge railway line in Murgheboluc, served as a storage centre and a maintenance workshop for ordnance materials used in the war.

[10] Bannockburn Road District (an early form of local government in Victoria) was established on 31 October 1862 and was redesignated as a shire on 30 June 1864.

[15] The central area is populated by a number of small businesses serving the majority of the locals needs including: home hardware, Woolworths supermarket, petrol stations, Bendigo Bank, doctors' surgeries, Pathology, Dentist, hairdressers, take-away shops, pizza shops, gym, mechanics, newsagent, The Railway Hotel, pub, chemist and optometrist.

Bannockburn is unofficially divided by the railway line, with locals using it as a landmark to guide others to certain locations.

[16][17] Bannockburn has a oceanic climate (Köppen: Cfb), with warm summers and cool winters.

[18] All climate data was sourced from She Oaks, a rural locality 16 kilometres (9.9 mi) north of Bannockburn.

They compete in the Victorian State League Division 5, which is the seventh level of soccer in Victoria and the eighth in Australia.