Dr. Falola has received a Doctor of Humane Letters from Lincoln University, a Doctor of Humanities from Monmouth University, a Doctor of Humane Letters from City University of New York, Staten Island, a Doctorate of Literature from Lead City University, Nigeria, a Doctorate of Literature from Adekunle Ajasin University, and a Doctorate of Education from Tai Solarin University of Education, Nigeria. His lifetime career awards include the Nigerian Diaspora Academic Prize, the Cheikh Anta Diop Award, the Amistad Award, and the SIRAS Award for Outstanding Contribution to African Studies, Africana Studies Distinguished Global Scholar Lifetime Achievement Award, Fellow of the Nigerian Academy of Letters, Fellow of the Historical Society of Nigeria, and the Distinguished Africanist Award (African Studies Association).

He has received a wide range of awards and honors in various parts of the world. At the University of Texas at Austin, he received the Jean Holloway Award for Teaching Excellence, The Texas Exes Teaching Award, the Chancellor’s Council Outstanding Teaching Award, Outstanding Graduate Teaching Award, and the Career Research Excellence Award. His lifetime career awards number over two dozen; including three Yoruba chieftaincy titles, most notably the Bobapitan of Ibadanland (the Grand Historian of the Empire).
 
He served as the Chair of the ASA Herskovits Prize for the best book on Africa, the Chair of the Martin Klein Book prize for the best book on African history (American Historical Association), and committee member of the Joel Gregory Prize for the Canadian Association of African Studies. He served as the Vice-President of the International Scientific Committee, UNESCO Slave Route Project.