While there are numerous interpretations, the green of the flag symbolises the lush landscape of Bangladesh, and the red circle, reminiscent of the rising sun, represents the sacrifice made by the people during the Liberation War of 1971.

The first version of the flag was designed and made by a section of student leaders and activists of Swadheen Bangla Nucleus on 6 June 1970, at room 108 of Iqbal Hall (now Sergeant Zahurul Haq hall), Dhaka University; students involved with the design were namely Kazi Aref Ahmed, ASM Abdur Rab, Shahjahan Siraj, Manirul Islam (Marshal Moni), Swapan Kumar Choudhury, Quamrul Alam Khan Khasru, Hasanul Haq Inu, and Yousuf Salahuddin Ahmed.

On 25 July 1971, Zakaria Pintoo, captain of the Shadhin Bangla Football Team became the first person to hoist the Bangladesh flag on foreign soil, before a match in Nadia district of the Indian state of West Bengal.

All ministries and the secretariat buildings of Bangladesh, offices of the high court, courts of district and session judges, offices of the commissioners of divisions, deputy commissioner/collectors, chairman, upazila parishad, central and district jails, police stations, primary, secondary and higher secondary level educational institutions and other buildings notified by the government from time to time.

[17] In July 2021, Saimon Imran Hayder used 16,000 envelopes to create a 240m2 Bangladesh flag at the InterContinental Dhaka which was also a Guinness World Records attempt.