• Maple Leaf Wrestling
  • NWA United States Heavyweight Championship (Mid-Atlantic version) (1 time)1[5]

• Mid-Atlantic Championship Wrestling/World Championship Wrestling
  • NWA Mid-Atlantic Heavyweight Championship (2 times)[6]
  • NWA Mid-Atlantic Tag Team Championship (4 times) – with Paul Jones (3) and Jay Youngblood (1)[7]
  • NWA Mid-Atlantic/NWA World Television/WCW World Television Championship (4 times)[8][9]
  • NWA (Mid-Atlantic version)/WCW United States Heavyweight Championship (4 times)[10][11][12][13]
  • NWA World Heavyweight Championship (1 time)2[14]
  • NWA {Mid-Atlantic version)/WCW World Tag Team Championship (8 times) – with Jay Youngblood (5), Paul Jones (1), Dustin Rhodes (1) and Shane Douglas (1)[15][16][17]

• National Wrestling Alliance
  • NWA Hall of Fame (Class of 2012)[18]

• Pro Wrestling Illustrated
  • Match of the Year (1987) vs. Randy Savage at WrestleMania III
  • Match of the Year (1989) vs. Ric Flair at WrestleWar
  • Most Inspirational Wrestler of the Year (2009)
  • Rookie of the Year (1977)
  • Stanley Weston Award (1995)
  • Tag Team of the Year (1978) with Paul Jones
  • PWI ranked him #6 of the 500 best singles wrestlers of the year in the PWI 500 in 1992
  • PWI ranked him #13 of the Top 500 Singles Wrestlers of the "PWI Years" in 2003[19]
  • PWI ranked him #19 of the Top 100 Tag Teams of the "PWI Years" with Jay Youngblood in 2003.[20]

• Professional Wrestling Hall of Fame and Museum
  • Class of 2002[4]

• World Wrestling Federation/World Wrestling Entertainment
  • WWF Intercontinental Championship (1 time)[21][22]
  • WWE Hall of Fame (Class of 2009)

• Wrestling Observer Newsletter
  • 5 Star Match (1989) vs. Ric Flair: Chi-Town Rumble
  • 5 Star Match (1989) vs. Ric Flair: 2-out-of-3 falls match, Clash Of The Champions VI
  • 5 Star Match (1989) vs. Ric Flair: WrestleWar
  • 5 Star Match (1992) War Games
  • Tag Team of the Year (1983) with Jay Youngblood
  • Match of the Year (1987) vs. Randy Savage at WrestleMania III
  • Match of the Year (1989) vs. Ric Flair at Clash of the Champions VI
  • Wrestling Observer Newsletter Hall of Fame (Class of 1996)

1 During this time, the title was almost exclusively defended in Mid-Atlantic Championship Wrestling. However, on occasion, the title was defended in other promotions through arrangements made with Mid-Atlantic.
2 Steamboat won the title after Ted Turner purchased Mid-Atlantic Championship wrestling from Jim Crockett and renamed it World Championship Wrestling.