The Academy of the Social Sciences in Australia elected Walker a fellow in 2001 and the Australian Academy of the Humanities bestowed the same honor in 2005. He received the Ernest Scott prize following the publication of "Anxious Nation". In April 2012, Walker became the Alfred Deakin Professor of Australian Studies, the highest honour that Deakin University can bestow on its academic staff. Walker was awarded Membership of the Order of Australia (AM) in the 2018 Queen's Birthday honours.