Before entering politics, Lipscomb established himself as a successful architect in the Gadsden area. After graduating from Coosa Christian High School in 1994, he spent two years at Gadsden State Community College before transferring to Auburn University, where he completed a five-year Bachelor of Architecture degree in 2000. He subsequently worked for a local architecture firm for over a decade before opening his own practice, B. Craig Lipscomb, Architect, in 2010. His firm specializes in commercial and residential architecture, with projects throughout the southeastern United States.

Lipscomb's entry into politics came in 2018 when he announced his candidacy for the Alabama House of Representatives District 30 seat, which was being vacated by Representative Mack Butler who was running for the Alabama State Senate. During his campaign, he focused on fiscal responsibility, ethics, economic development, and job growth. He won the Republican primary runoff against former Ashville Mayor Robert McKay and subsequently defeated Democratic opponent Jared Vaughn in the general election with 82.4% of the vote.

In the Alabama House of Representatives, Lipscomb has taken on several committee responsibilities that align with his professional background and district interests. He currently serves as Vice Chair of both the House Health Committee and the House Ports, Waterways and Intermodal Transit Committee. In 2024, he was appointed to the House Transportation, Utilities and Infrastructure Committee by Speaker Nathaniel Ledbetter. He also holds a seat on the House Local Legislation Committee.

Throughout his legislative career, Lipscomb has been active in sponsoring legislation on various issues. One of his most notable legislative achievements was the passage of HB182, an anti-squatting bill that passed the Alabama House with bipartisan support and a unanimous 101-0 vote in 2024. The legislation increases penalties for individuals who illegally enter residences they do not own and creates enhanced punishments for presenting falsified documents claiming ownership or occupancy rights.

Lipscomb's architectural expertise has made him a valuable voice on infrastructure and building-related issues. As the legislature's only architect, he has been particularly vocal about the need for a new state house building, citing safety concerns due to environmental hazards and the aging condition of the current 60-year-old structure. His professional assessment indicated that the building requires nearly $52 million in repairs, leading him to advocate for new construction rather than continued renovation.

In his personal life, Lipscomb is married to Angela Lipscomb, who is a Certified Public Accountant and Controller/Treasurer of GKL Companies, Inc.. They have two children, Clark and Carleigh Lipscomb. The family attends Harvestfield Church in Rainbow City, where Craig serves as an on-call bass player. Lipscomb has been deeply involved in community service throughout his career, having served as past president of the Gadsden Symphony Orchestra and holding board positions with various local organizations.

Professionally, Lipscomb is a registered architect in Alabama, Florida, Georgia, and Illinois. His architectural work has received recognition, including multiple Main Street Alabama awards for Excellence in Architectural Design. Notably, his renovation of the J.P. King Auction Company building at 414 Broad Street in downtown Gadsden received the 2018 Main Street Alabama Award of Excellence for Architectural Design.

Lipscomb was re-elected to his House seat in 2022, running unopposed and winning with 99.3% of the vote against write-in candidates. He has also received recognition for his legislative work, being named the 2021 State Lawmaker of the Year by the League of Southeastern Credit Unions for his sponsorship of the Financial Institution Excise Tax Clarification bill.