The Wole Soyinka Lecture Annual Lecture Series was founded in 1994 and "is dedicated to honouring one of Nigeria and Africa’s most outstanding and enduring literary icons: Professor Wole Soyinka" It is organised by the National Association of Seadogs (Pyrates Confraternity). Wole Soyinka with six other students founded the organisation in 1952 at the then University College Ibadan
In 2011, the African Heritage Research Library and Cultural Centre built a writers' enclave in his honour. It is located in Adeyipo Village, Lagelu Local Government Area, Ibadan, Oyo State, Nigeria. The enclave includes a Writer-in-Residence Programme that enables writers to stay for a period of two, three or six months, engaging in serious creative writing. In 2013, he visited the Benin Moat as the representative of UNESCO in recognition of the Naija seven Wonders project. He is currently the consultant for the Lagos Black Heritage Festival, with the Lagos State deeming him as the only person who could bring out the aims and objectives of the Festival to the people.
In 2014 the collection Crucible of the Ages: Essays in Honour of Wole Soyinka at 80, edited by Ivor Agyeman-Duah and Ogochwuku Promise, was published by Bookcraft in Nigeria and Ayebia Clarke Publishing Ltd, UK, with tributes and contributions from Nadine Gordimer, Toni Morrison, Ama Ata Aidoo, Ngugi wa Thiong’o, Henry Louis Gates, Jr, Margaret Busby, Kwame Anthony Appiah, Ali Mazrui, Sefi Atta, and others.
- 1973: Honorary PhD, University of Leeds
- 1973–74: Overseas Fellow, Churchill College, Cambridge
- 1983: Elected an Honorary Fellow of the Royal Society of Literature
- 1983: Anisfield-Wolf Book Award, United States.
- 1986: Nobel Prize for Literature
- 1986: Agip Prize for Literature
- 1986: Commander of the Federal Republic, CFR.
- 1990: Benson Medal from Royal Society of Literature
- 1993: Honorary doctorate, Harvard University
- 2002: Honorary fellowship, SOAS
- 2005: Honorary doctorate degree, Princeton University.
- 2005: Conferred with the chieftaincy title of the Akinlatun of Egbaland by the Oba Alake of the Egba clan of Yorubaland. He was made a tribal aristocrat with the right to use the Yoruba title Oloye.
- 2009: Academy of Achievement Golden Plate Award
- 2013: Anisfield-Wolf Book Award, Lifetime Achievement, United States.
- 2014: International Humanist Award