'bannerol' originates from Middle English, specifically the word 'bannerole', where 'banner' meant 'flag' and the diminutive suffix '-ole' meant 'small'.

'bannerol' changed from Old French diminutive forms such as 'bannerole' (from 'baniere'/'bannière') into Middle English 'bannerole' and eventually became the modern English 'bannerol'.

Initially it meant 'little banner or pennant', and over time the basic meaning has stayed the same but the word has become rare and is now considered archaic.