Ivory Wave is the latest in a line of legal highs that are set to be banned, according to the government advisory body.
The drug, which is sold as bath salts to get around legal requirements, is popular the UK as well as Australia and the US.
Following the death of an Isle of Wight man Michael Bishton, 24, last year and subsequent inquests into his death, the drug has been put under close scrutiny.
According to the BBC, an inquest heard that Bishton had become "bizarre and paranoid". Mental health professionals had apparently warned him against using the legally available 'high'.
As the effect of taking the drug is similar to that of other illegal amphetamines like speed and MDMA, it can cause circulatory and heart problems, fits, hallucinations and blood pressure irregularities.
"The health effects of desoxypipradrol (the chemical name for Ivory Wave) and its related compounds correspond with those related to other Class B drugs and have the potential to cause harm.
"That is why we are recommending that the government takes action to control the substance under the Misuse of Drugs Act" said Professor Les Iversen, who is chairman of The Advisory Council on the Misuse of Drugs.
Ivory Wave is also marketed under the names Red Dove, Purple Wave, Vanilla Sky, Ivory Snow and Ivory Coast which all have similar ingredients and chemical make-up.
Recent other 'legal highs' that have been recognised as potentially dangerous and classified as illegal include Spice (a herbal mix similar in effect to Marijuana) and Methadrone.