Iyiola Onawale Olabisi Fakeye was born on 9th of March, 1942 at Ila-Orangun into the family of carvers of Inurin compound.   He is the second son of David Adeosun.   By his birth, he belongs to the sixth generation of Fakeye family of carvers.

 At age seven, in 1949, he attended St Matthew Primary School, Ila-Orangun and finished in 1956.  He proceeded in 1957 to L. A. (Local Authority) Secondary Modern School, Ila-Orangun, where he spent another three years.   In-between schooling, from age nine, Bisi began carving as a pastime, just like some other children in the family. Omolangidi (baby doll) and ere ibeji (twin figures) were his first carvings.
In 1960, at age seventeen, Bisi Fakeye moved from Ila-Orangun to Ondo where he was attached as an apprentice for a total of seven years to his uncle, Lamidi Fakeye in between which he trained as a teacher for one year.  
Bisi Fakeye found Lagos a home and he subsequently met, mixed and shared ideas with a new breed of contemporary artists, particularly those trained in formal art schools like Yusuf Grillo, Erhabor Emokpae and Ben Osawe. 
He started the National Studios in 1981 at the premises of the National Theatre, Iganmu, Lagos by Sina Yusuf (painter), then Chief Cultural Officer of National Gallery of Art.   He was later joined by some other Lagos-based artists like Biodun Olaku (painter), Bunmi Babatunde (sculptor) and Monday Akhidue (sculptor).
He participated in a three months workshop in Germany in 1976.   He also travelled in 1989 as a guest artist to Wajumbe Cultural Institute Incorporation, USA, and in the same year, he represented Nigerian artists at art exhibitions in major cities of Western Germany.
Bisi Fakeye has carried out numerous solo exhibitions and participated in several group exhibitions.   Some of them include offering to the Gods, 1985; Past, Present and Future, 1988; Images of the Nigerian Nation, 1990; Strides in Time, 1997; Nigerian Art for the Commonwealth, (CHOGOM), Abuja, 2003 and Rejuvenation, 2005 among others.
Some of the commissions carried out by Bisi Fakeye include two sculptural pieces at the National Museum, Onikan, 1973 – 1974; a door for the Nigerian Embassy in Rome, 1975; a door and two pillars  for Federal Guest House, Victoria Island, 1976; five sculptural pieces at National Gallery of Modern Art, National Theatre, 1978 – 1983. There are many other works in private collections both within and outside the country.