The shop will open in the former Focus unit in Aldridge in August, bosses have announced.
Work is now being carried out to transform the building in Coppice Lane and recruit staff.
A home store and garden centre will launch at the site. It comes after another B&M opened in Wednesbury.
The jobs boost means the two stores will have created more than 100 jobs in just a matter of months. It has not been revealed how much is being invested in the new outlet.
Tony Clements, store manager at B&M Aldridge said: "We are really proud to be creating another 65 jobs across Walsall this year and continuing to play our part in the local community.
"We are excited to get the doors open on August 1 providing great value products and world class service to even more customers across the town."
From only 21 stores and one distribution centre in 2004, B&M has now grown to four distribution centres and more than 400 shops across the whole of the UK.
In a statement the company said: "B&M, one of the UK's fastest growing retailers is delighted to announce today that we will be opening a new Home Store & Garden Centre in Walsall; occupying the former Focus on Coppice Lane and creating 65 jobs.
"A comprehensive internal and external refurbishment programme is currently being undertaken and the new B&M store will open on August 1.
"The store follows hot on the heels of the B&M store which opened earlier this year on the Gallagher Retail Park in Wednesbury creating another 40 jobs."
Several Focus DIY outlets in the West Midlands closed in May 2011 when the chain collapsed, with more than 100 jobs lost. The Black Country area was hit and a total of 19 jobs went at the site in Coppice Lane.
It recently emerged Wednesbury's Gallagher Retail Park is to get a £5m revamp including three new restaurants. They want to increase the number of people visiting the retail park and provide more choice for shoppers to encourage them to stay longer.