The structure, the morphology and the thermal behavior of fibers extracted from common banana varieties ('Ambun' (Cavendish AAA), 'Ambul' (Mysore AAB), 'Kolikuttu' (Silk AAB), 'Seenikesel' (Pisang Awak ABB),' Alukesel' (ABB) found in Sri Lanka have been investigated using XRD, FTIR, SEM, and DSC. All the samples exhibited similar X-ray diffraction patterns, FTIR spectrums and DSC thermograms. SEM analysis revealed the presence of rough surface with filaments in all five banana varieties and detailed analysis revealed that there is a hollow structure in the aforesaid fiber varieties. Considering the similarity of the different fibers, the possibility of using a mixture of banana fiber varieties to prepare economical banana fiber charcoal was also investigated. Prepared charcoal was also characterized using XRD, FTIR & SEM. It was observed that the charcoal prepared from two or five different banana varieties showed similar X-ray diffraction patterns, FTIR spectra as well as similar morphology. Since the properties of banana fiber as well as the banana charcoal are irrespective to the banana variety used to prepare them, the collection and the manipulation of the banana waste becomes facile in commercial application.