The following have been named in his honour:
* Wollaston Medal
** List of Wollaston Medal recipients
* Wollaston, a lunar impact crater
* Wollaston Lake, Saskatchewan, Canada a 2,681 square kilometre (1,035 sq mi) freshwater lake
* Wollaston Islands, Chile are named for him
* Wollaston Foreland, NE Greenland.
* Wollaston Peninsula, Canada.
* Wollastonite, a chain silicate mineral
* Wollaston wire, extremely fine platinum wire
It has been mentioned that Wollaston has not received the renown which should complement his historical standing in world of science: his contemporaries Thomas Young, Humphry Davy and John Dalton have become far better-known.
Different reasons for this have been suggested, including that Wollaston himself was not systematic or conventional in presenting his discoveries, even publishing anonymously (initially) in the case of Palladium. Also, and perhaps more importantly for his modern legacy, privately held papers of his were inaccessible, and that his notebooks went missing shortly after his death and remained so for over a century; these were finally collated in the late 1960s at Cambridge University and the first comprehensive biography was completed by Melvyn Usselman in 2015, after over 30 years' research.