Peel the banana and slice it into rounds so it blends more easily.
Add the sliced banana, frozen strawberries, plain yogurt, and milk to a blender jar.
Add the honey and vanilla extract to the blender.
Add the ice cubes on top of the fruit and liquids.
Blend on low speed to break up the fruit and ice, then increase to high speed and blend until completely smooth and creamy, 45–60 seconds, stopping to scrape down the sides if needed.
Check the consistency; if it is too thick, blend in a little more milk, 1–2 tbsp at a time, until it reaches your preferred thickness. If you prefer it colder or thicker, add a few more ice cubes and blend again until smooth.
Taste and adjust sweetness with a little more honey if desired, blending briefly to combine.
Pour the strawberry banana smoothie into two glasses and serve immediately while cold and frothy.