He instituted the Akkineni International Foundation in 2005 to honour those who contributed to the Film Industry. The Annapurna International School of Film and Media, founded by his family in 2011, was set up as a non-profit entity. Rao was generous towards educational institutions since the beginning of his career. Even though he didn't have the opportunity to fully complete his schooling, he understood the importance of education. He created scholarships at GITAM University (Vizag). He was the Chief Donor and President of the College at Gudivada, which was subsequently named Akkineni Nageswara Rao College after him. Apart from being a Life member of the board of the Andhra University, he was also adviser to its Department of Dramatics and Theatre Arts. He instituted Gold Medals for students who excelled in Acting and Direction. In 2012, he instituted the Akkineni Annapurna Educational Trust in memory of his wife Annapurna.