In 2019, the family members of Devan, primarily his daughters and grandchildren, as a commemoration of Devan’s art and legacy, initiated the ‘M V Devan Puraskaram’ - an award in Devan’s name. It was envisaged to render recognition to exemplary icons in the field of visual arts. The primary M V Devan Puraskaram was presented to artist NKP Muthukoya on 29 April 2019, the death anniversary of Devan. "Devaspandanam", which is considered by many the magnum opus of Devan, was selectd for two awards, starting with the Vayalar Award in 2000, followed by the Mathrubhumi Literary Award in 2003. The book would also receive Malayattoor Award later. In between, he received the Raja Ravi Varma Puraskaram of the Kerala Lalithakala Akademi in 2002. He also received the fellowship of the academy as well as the fellowship of the Chennai Lalit Kala Akademi. The other honours received by Devan include the Critics Award and the M. K. K. Nair Award. On the occasion of his first death anniversary, an event was organized in Kochi, "Remembering Devan", which featured several lectures and an exhibition of Devan's paintings as well as the works of some of his contemporaries including Tyeb Mehta, F. N. Souza, K. K. Hebbar, Laxma Goud, Bhupen Khakhar and Akbar Padamsee. Binuraj Kalapeedam, one of his students at Kerala Kalapeedam, has made a documentary on the life of Devan, titled "Devaspandanam", the title of his award winning book.