During her career, Wilma Olson had won many awards, among others:
*Douglass College Medal, 2001
*American Chemical Society – North Jersey Section
*Sister Marian José Smith Excellence in Education Award, 2000
*New Jersey Woman of Achievement Award, 1998
*Wellcome Visiting Professorship, New York University, 1997
*American Women in Science, New York Area Scientist of the Year Award, 1994
*National Lecturer and National Award for Excellence and Leadership in Biophysics, Biophysical Society 1994
*National Institute of General Medical Sciences MERIT Award, 1988–98
*Rutgers University Board of Trustees Research Award, 1993
*Guggenheim Fellowship, 1978