Graves was inducted into the Florida Sports Hall of Fame in 1972, the University of Florida Athletic Hall of Fame in 1981, the Tennessee Sports Hall of Fame in 1990, and the College Football Hall of Fame in 1990. When Steve Spurrier returned to Gainesville as the Gators' head coach in 1990, he created the team's new most valuable player award, the Ray Graves Trophy, with the annual recipients selected by the players. The Athletic Office at the University of Florida's Ben Hill Griffin Stadium was named in honor of Graves during the 2005 season.