It follows the success of their teams in the 2016 European Championships.
Michael O'Neill played 31 times for Northern Ireland, while Martin O'Neill played 64 times.
They joined 13 other people being honoured by Ulster University on Tuesday.
Those recognised at the university's summer graduations in Coleraine came from the world of sport, the arts, the economy, engineering and peace building.
Michael O'Neill said it was an occasion to celebrate success on the pitch, and the wider impact of sport.
"Martin, obviously captained Northern Ireland in the World Cup and we saw in '82 what that did for the country," he said, referring to Northern Ireland's qualification from the group stage in Spain that year.
"And, equally, I saw what going to France (last year) did for the country as well.
"I think sport has been so positive here in Northern Ireland and it's nice to come here today and pick this up."
Both Northern Ireland and the Republic of Ireland qualified for the second round in the 2016 European Championship held in France.
Other honorary degrees were awarded to:
Commenting on the awards, Ulster University Vice Chancellor Prof Paddy Nixon said: "Each of these recipients has made an indelible mark in their field, advancing knowledge, building community, achieving excellence and above all acting as inspirational role models for us all.
"They display leadership, progressive thinking, compassion, bravery, integrity and tenacity alongside superlative skills and talent - characteristics that we aim to instil in all our students.
"As our next cohort of students prepares to graduate, I hope that they will be inspired by these people who, through the generous application of their talents, have made a positive impact on society," he added.
The Northern Ireland football manager Michael O'Neill and his Republic of Ireland counterpart Martin O'Neill have been awarded honorary degrees for their outstanding contributions to sport.