Banksia elegans, commonly known as the elegant banksia, is a species of woody shrub that is endemic to a relatively small area of Western Australia. Reaching 4 m (13 ft) high, it is a suckering shrub that rarely reproduces by seed. The round to oval yellow flower spikes appear in spring and summer. Swiss botanist Carl Meissner described Banksia elegans in 1856. It is most closely related to the three species in the subgenus Isostylis.

Banksia subg. Isostylis is a subgenus of Banksia. It contains three closely related species, all of which occur only in Southwest Western Australia. Members of subgenus Isostylis have dome-shaped flower heads that are superficially similar to those of B. ser. Dryandra, but structurally more like reduced versions of the "flower spikes" characteristic of most other Banksia taxa.