Carbon allocation is an essential aspect of a plant's survival and reproduction strategy, with perennial species exhibiting complex cycles of storage and remobilization. While extensively studied in trees, little attention has been given to perennial monocots like banana (Musa sp.), a major crop and a complex genet. In this review, we examine the current understanding of carbon allocation and source–sink dynamics in banana. We discuss the evolution of its main sources and sinks throughout the plant growth cycle with a particular focus on vegetative reproductive organs (suckers) and presumed storage organs (the rhizome and pseudostem). We examine the direct effects of source/sink imbalances, as well as more complex feedback regulations and the impact of the environment. Our review reveals that many widely-held beliefs of carbon allocation in banana are not supported by extensive evidence and are in fact hypotheses. We propose a research agenda addressing these gaps, emphasizing the need to study environmental effects on carbon allocation in the context of climate change and agroecology. Considering the key role of the storage organs in buffering carbon supply and demand, their functioning should be verified. Finally, future research should look beyond the Cavendish cultivar, while accounting for associated management practices.