Apart from the Nobel Prize, Grünberg has been awarded with shared prizes in the APS International Prize for New Materials, the International Union of Pure and Applied Physics Magnetism Award, the Hewlett-Packard Europhysics Prize, the Wolf Prize in Physics in and the 2007 Japan Prize. He won the German Future Prize for Technology and Innovation in 1998 and was named European Inventor of the Year in the category "Universities and research institutions" by the European Patent Office and European Commission in 2006.