Given an undirected graph G with n vertices, the independent feedback vertex set problem is to find a vertex subset F of G with the minimum number of vertices such that F is both an independent set and a feedback vertex set of G, if it exists. This problem is known to be NP-hard for bipartite planar graphs of maximum degree four. In this paper, we study the approximability of the problem. We first show that, for any fixed ε>0, unless P=NP, there exists no polynomial-time n1−ε-approximation algorithm even for bipartite planar graphs. We then give an α(Δ−1)/2-approximation algorithm for bipartite graphs G of maximum degree Δ, which runs in t(α,G)+O(Δn) time, under the assumption that there is an α-approximation algorithm for the original feedback vertex set problem on bipartite graphs which runs in t(α,G) time. This algorithmic result also yields a polynomial-time (exact) algorithm for the independent feedback vertex set problem on bipartite graphs of maximum degree three.