Taube was accepted as a member of the National Academy of Sciences in 1959. President Jimmy Carter presented Taube with the 1976 President's National Medal of Science "in recognition of contributions to the understanding of reactivity and reaction mechanisms in inorganic chemistry." In 1985, Taube received the American Chemical Society's highest honor, the Priestley Medal, which is awarded to recognize "distinguished services to chemistry". He was awarded Guggenheim Fellowships in 1949 and 1955. In 1965, he received the Golden Plate Award of the American Academy of Achievement. Taube was made an honorary member of the College of Chemists of Catalonia and Beleares (1984), the Canadian Society of Chemists (1986), and the Hungarian Academy of Sciences (1988). He was also awarded an honorary fellowship in the Royal Society of Chemistry (1989) and the Indian Chemical Society (1989) and elected a Fellow of the Royal Society (FRS) in 1988. Taube received honorary degrees from many institutions, including the University of Saskatchewan (1973), the University of Chicago (1983), the Polytechnic Institute of New York (1984), the State University of New York Stony Brook (1985), the University of Guelph (1987), Seton Hall University (1988), the Lajos Kossuth University of Debrecen in Hungary (1988) and Northwestern University (1990). A Nobel Laureate Plaza on the University of Saskatchewan's campus in honour of Taube and Gerhard Herzberg was dedicated in 1997.