In 1986, Norman's 11 worldwide victories that year included four wins in Australia and two regular PGA Tour events; the Panasonic Las Vegas Invitational and the Kemper Open (for the second time) but 1986 is remembered for the Norman Slam or the Saturday Slam. Norman held the lead for all four majors through 54 holes. This meant he played in the final group for every major and had perhaps the best chance in history of winning the single season Grand Slam. However, the only major victory Norman earned that year was in the 1986 Open Championship at Turnberry.
At the 1986 Masters, Norman began the final round with a one stroke lead which he maintained until he double-bogeyed the 10th. After making four consecutive birdies on holes 14 to 17, Norman was tied with Jack Nicklaus going to the 18th. Norman missed a par putt on the 18th that would have sent the two into a sudden death playoff. At the 1986 U.S. Open at Shinnecock Hills, Norman again led after 54 holes. However, Norman faltered on the final day, finishing with a final round 75 placing him six strokes behind the winner, Raymond Floyd.
Norman's four wins in Australia in 1986 helped him to finish top of the Australian Order of Merit for the fifth time. He also topped the U.S. PGA Tour money list for the first time that year. In September 1986, Norman won the Panasonic European Open at Sunningdale Golf Club and the following month he had another victory in England, winning his third World Match Play Championship at Wentworth. Norman ended 1986 with eleven worldwide victories and was officially ranked number 1 in the brand new Official World Golf Rankings.
Norman has earned more than $1 million five times on the U.S. PGA Tour, including three Arnold Palmer Awards as the Tour's leading money winner in 1986, 1990 and 1995. He was also the first person in Tour history to surpass $10 million in career earnings. He has 30 top-10 finishes in majors, or more than 38% of those he has entered. His 20 PGA Tour wins in the 1980s and 1990s ranks second behind Tom Watson (21 total) during this span. He had the lowest total four round score in the history of The Open Championship 267, in 1993, (since broken by Henrik Stenson in 2016), and The Players Championship (264, in 1994).
Norman's dominance over his peers (despite his comparative lack of success in the majors) was probably best expressed in the Official World Golf Rankings: Norman finished the year on top of the ranking list on seven occasions, in 1986, 1987, 1989, 1990, 1995, 1996 and 1997, and was second at the end of 1988, 1993 and 1994. Norman won the PGA Tour of Australia's Order of Merit six times: 1978, 1980, 1983, 1984, 1986 and 1988. He won the European Tour's Order of Merit in 1982, and topped the PGA Tour's money list in 1986, 1990, and 1995. He won the Vardon Trophy for lowest scoring average on the PGA Tour three times: 1989, 1990 and 1994; and was inducted into the World Golf Hall of Fame in 2001.
In 1986, Norman was awarded the BBC Overseas Sports Personality of the Year Award, a feat he replicated in 1993 to join Muhammad Ali as a multiple winner of the award (now also joined by Roger Federer and Usain Bolt). In 2007, Norman was elevated to "Legend" status in the Sport Australia Hall of Fame. He received the 2008 Old Tom Morris Award from the Golf Course Superintendents Association of America, GCSAA's highest honour, at the 2008 Golf Industry Show in Orlando. Norman is a member of The Environmental Institute for Golf's board of trustees and also chairs The institute's advisory council. He was also the recipient of the Golf Writers Association of America's 2008 Charlie Bartlett Award. In 2009 Norman was inducted into the Queensland Sport Hall of Fame.