In 1977, Lang's recording of "Singin' the Blues" with Frankie Trumbauer and Bix Beiderbecke, was inducted into the Grammy Hall of Fame and in 2006 was placed on the U.S. Library of Congress National Recording Registry. He was inducted into the ASCAP Jazz Wall of Fame (1986) and the Big Band and Jazz Hall of Fame (2010).

On October 23, 2016, Philadelphia's Mural Arts organization dedicated the mural Eddie Lang: The Father of Jazz Guitar, by artist Jared Bader. The mural stands by Lang's childhood home and the James Campbell School that stood at 8th and Fitzwater where Lang learned to play. The mural was championed by area guitarist Richard Barnes, who started "Eddie Lang Day in Philadelphia" in 2010, an annual charity event.