'Banff' originates from the Scottish placename 'Banff' (Banffshire) in Scotland; the Canadian 'Banff' was named after that Scottish place.

'Banff' was transferred from the Scottish town name 'Banff' to the Canadian locality in the late 19th century (the Alberta town was named after Banffshire), so the modern Canadian 'Banff' derives from the older Scottish place-name.

Initially it referred to the Scottish burgh 'Banff'; over time the name was applied to the Canadian town and the national park, extending the reference from the original Scottish place to new geographic entities in Canada.