- In 1946, he played a musical duet with André Previn at graduation from Beverly Hills High School. 21 years later, both composers won Academy Awards for different films that same year, both in musical categories.
- Along with his brother, he had three of films play consecutively at New York's prestigious Radio City Music Hall in 1973 with "Charlotte's Web", "Tom Sawyer" and "Mary Poppins".
- The Sherman Brothers were awarded the 2008 American National Medal of the Arts by President George W. Bush in Washington, D.C. for their services to music.
- He and Robert B. Sherman were awarded a Star on the Hollywood Walk of Fame at 6914 Hollywood Boulevard in Hollywood, California.
- Inducted into the American Songwriters Hall of Fame on June 9, 2005 in New York City alongside brother/collaborator Robert B. Sherman, Bill Withers, John Fogerty, Steve Cropper, David Porter and Isaac Hayes.
- The classic Chitty Chitty Bang Bang (1968) was adapted into a London West End Musical and performed at the London Palladium in 2002 and was nominated for a 2003 Laurence Olivier Theatre Award for The Hilton Award for Best New Musical.
- Robert B. Sherman and his musical, "Mary Poppins" at the Paramount Theatre in Chicago, Illinois was nominated for a 2015 Joseph Jefferson Equity Award for Large Musical Production.
- "Disney's Mary Poppins" at the Mercury Theater Chicago was nominated for a 2017 Joseph Jefferson Equity Award for Midsize Musical Production.
- Wrote new lyrics for "I Wanna Be Like You" to reflect King Louis being a gigantopithicus in The Jungle Book (2016).
- He and his wife Ursula Elizabeth Gluck currently reside in Beverly Hills, California.
- Following Robert Sherman's relocation from Beverly Hills to London, England, the brothers continued to collaborate musically. They credited the ability to do so long-distance to technology via fax, e-mail, and the low-cost international telephone service.
- On November 17, 2008, Robert and Richard Sherman were awarded the National Medal of Arts at the White House by President George W. Bush in the East Room. The National Medal of Arts is an award and title created by the Congress of the United States in 1984, for the purpose of honoring artists and patrons of the arts. It is the highest honor conferred to an individual artist on behalf of the people. Honorees are selected by the National Endowment for the Arts (NEA), and ceremoniously presented the award by the President of the United States.
- In 2000, the Sherman brothers wrote the song score for Disney's blockbuster film: The Tigger Movie (2000). This film marked the brothers' first major motion picture for the Disney company in over 28 years.
- On July 31, 2018, the Walt Disney Studios in Burbank, California renamed Soundstage A the Sherman Brothers Stage.
- In 2002, the stage musical Chitty Chitty Bang Bang premiered in London. It was the most successful stage show ever produced at the London Palladium, boasting the longest run in that century-old theatre's history. In early 2005 a second Chitty company premiered on Broadway (New York City) at the Foxwoods Theatre (then the Hilton Theatre). The Sherman Brothers wrote an additional six songs specifically for the new stage productions.
- In 2015, Sherman was awarded the Diane Disney Miller Lifetime Achievement Award by The Walt Disney Family Museum.
- His musical, "The Jungle Book" at the Goodman Theatre and Huntington Theatre Company in Chicago, Illinois was nominated for a 2013 Equity Joseph Jefferson Award for Large Musical Production.
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