<p>We establish a characterization of doubly power-bounded elements with finite spectrum in Banach algebras. In particular, we present a spectral decomposition for such elements, extending a classical theorem of Gelfand concerning doubly power-bounded elements with singleton spectrum. Furthermore, we generalize a theorem of Koehler and Rosenthal for doubly power-bounded elements to the setting of Banach algebras. In the final section, we are initiating a study to investigate whether the properties of doubly power-bounded elements can offer insight into the commutativity of Banach algebras.</p>