A whole host of misconceptions exist about the Raven Banner. Many people assume that this was "the Viking flag", universally flown by all Vikings everywhere. This is not so: the Raven Banner is always described as being the personal banner of a specific Viking chieftain or leader. The Viking Age predates the formation of the various Scandinavian nations. Thus without a nation, there was not a "national flag". Nor was there a monolithic "Viking Nation" -- when nations were formed, they became Denmark, Norway, and Sweden.

Next, the Raven Banner was not a "flag" as modern minds often picture it. Thus modern depictions of a rectangular piece of fabric embellished with a raven is incorrect. Contemporary artwork provides guidelines for how the Raven Banner may have appeared, and will be discussed below.

A third misconception is that Viking explorers brought the Raven Banner to Vinland, on the shores of America. It is unclear how this misconception developed, since in none of the saga sources nor archaeological finds has any indication been found that any of the Viking explorers of the New World carried a Raven Banner at any time.