Banksia caleyi, commonly known as Caley's banksia or red lantern banksia, is a species of woody shrub of the family Proteaceae native to Western Australia. It generally grows as a dense shrub up to 2 m (7 ft) tall, has serrated leaves and red, pendent (hanging) inflorescences which are generally hidden in the foliage. First described by Scottish naturalist Robert Brown in 1830, Banksia caleyi was named in honour of the English botanist George Caley. No subspecies are recognised. It is one of three or four related species with hanging inflorescences, which is an unusual feature within the genus.