Virgin will start imposing restrictions from December 1.
It allows no more than two power banks accessible and within sight during the flight.
They cannot be used or charged and high-power devices must get advance airline approval.
Qantas, QantasLink and Jetstar are imposing similar restrictions effective from December 15.
The new restrictions follow several inflight incidents, including a fire on a Virgin Australia flight in the summer.
The Australian Transport Safety Bureau is set to release its report into this incident soon.
“Globally, more lithium battery-powered devices are now being carried by travellers, and while these items are generally safe, this move will minimise any potential risks,” Virgin COO Chris Snook said.
While power bank use is banned, the airlines said charging devices is still permitted using in-seat charging ports where available.