Banka Banka Station was established by Thomas Nugent as a cattle station in 1895. Nugent left the station to his sister, Mary Ambrose. The Ambrose family owned and ran the station until Paddy Ambrose put Banka Banka on the market in 1940. Philip (Ted) Ward and Mary Alice Ward (nee McEntyre) bought it on 20 February 1941. Capital from the Wards' Blue Moon Mine was used for improvements and developments of the station. Robert Archibald Christie, nephew of Philip Ward, and Valerie Christie (nee Hewitt) were managing the Station when Ted Ward died on 17 March 1959. Valmae Edwards (née, Reid, wife of Donald Leslie Edwards) and Mary Ward were executors of Philip Wards estate. Probate was granted on 5 September 1961.

Mary Ward ran the station until 1970. Mary Ward owned 13 of the 24 shares in Banka Banka Station; the 24 shares were split between 6 owners. Banka Bank Station was put on the market in 1970. The title for the property was not transferred to the new owner, Nelson Bunker-Hunt, until 9 June 1972. In 1987 it was sold to Legnem Pty Ltd; in 1991 it was purchased by Brunchilly Pty Ltd Standbroke Pastoral Co. In 2004 S. Kidman & Co Ltd purchased the property.

In 2010 the property was purchased on behalf of the Aboriginal people by Indigenous Land and Sea Corporation (ILSC). Until December 2018 Australian Indigenous Agribusiness company managed the pastoral operation. At some point its name has been changed to Banka Banka West Station. In 2020 the Kunapa, Kangwarla, Kanturrpa, Marnitkara, Ngarrka and Pirrtangu Aboriginal groups were recognised as holding Native Title to Banka Banka West Station.