*Albert Lasker Award for Clinical Medical Research, 1984
*General Motors Cancer Research Foundation Kettering Prize, 1985
*Gairdner Foundation International Award, 1985
*The Harvey Prize, 1986
*National Medal of Science, 1987
*Pittsburgh Spectroscopy Award, 1987
*National Medal of Technology, 1988, (with Raymond Damadian)
*Bower Award, Franklin Institute of Philadelphia, 1990 (first recipient)
*Carnegie Mellon Dickson Prize in Science in 1993.
*NAS Award for Chemistry in Service to Society of the National Academy of Sciences, 2001
*Charter member, Phi Kappa Tau Hall of Fame in 2006.
*National Inventors Hall of Fame, class of 2007
*Asteroid 255598 Paullauterbur, discovered by Italian amateur astronomer Silvano Casulli in 2006, was named in his honor. The official  was published by the Minor Planet Center on January 12, 2017 ().
*Stony Brook University named a student residence after Lauterbur in 2010.