His wife Nellie Smith gave birth to two children: T.S. Monk III, nicknamed Toot, and daughter Barbara, nicknamed Boo-Boo, who died of cancer at age 31. Toot went on to become a jazz drummer.
In his honor, the Thelonious Monk Institute of Jazz was established in 1982. Monk was awarded a Grammy Lifetime Achievement Award in 1993, a special Pulitzer Prize in 2006, and was inducted into the North Carolina Music Hall of Fame in 2009. His talent and influence on jazz is strong; in almost every "top 10 jazz musicians" lists, his name is included.