In 1909, Schott received the Liebig Medal from the Association of German Chemists.
Otto-Schott-Straße in Jena, Germany, the location of Schotts home, was renamed in Schotts honor. The Schott Glass Museum is on the same premises. Both can be visited. The Schott Glass Museum displays developments in glass science beginning with the innovations of Otto Schott.
Since 1991, the Otto Schott Research Award has been presented every two years to meritorious researchers in the field of glass science and ceramics science. The award is organized and funded by the Abbe Fund of the Carl Zeiss Foundation.