Excitons, bound states of electrons and holes, are affected by the properties of the underlying band structure of a material. Defects in lattice systems may trap electronic defect states, to which an electron can be excited to form defect-bound excitons. Here, we examine the effect of band topology on excitons in systems with a single-site defect. We show that in the topological phase, when robust, in-gap, ring-shaped electronic states appear around defects, the excitons’ binding energies are lowered as a result of the wide spatial profile of the defect state. In addition, the excitonic wave functions have distinct shapes that change in order with small changes in the model due to the mixed orbital character of the topological bands. Our study therefore sheds new light on the dominant mechanisms that govern the behavior of defect-bound excitons in topological materials.