Following his death Lobanovskyi was awarded the Hero of Ukraine order, the nation's highest honour, as well as the UEFA Order of Merit in Ruby. Dynamo Kyiv's stadium was also renamed the Lobanovsky Stadium in his honour. In 2003, Lobanovskyi was awarded FIFA Order of Merit, the highest honour awarded by FIFA.
On 11 May 2003, before the first anniversary of the death of Lobanovskyi, a monument was opened near the Lobanovsky Dynamo Stadium.
After his death, A.C. Milan won the Champions League in 2003 with Andriy Shevchenko in the team. After the victory Shevchenko flew to Kyiv to put his medal by the grave of his former manager.
In 2003, the Valeriy Lobanovskyi Memorial Tournament was founded.