Kohli has received many accolades for his performances in cricket. He won the ICC ODI Player of the Year award four times in 2012, 2017, 2018, and 2023. He also won the Sir Garfield Sobers Trophy, given to the ICC Cricketer of the Year, on two occasions, in 2017 and 2018 respectively. In 2018, he became the first player to win both ICC ODI and Test Player of the Year awards in the same year. Also, he was named the Wisden Leading Cricketer in the World for three consecutive years, from 2016 to 2018. At the national level, Kohli was honoured with the Arjuna Award in 2013, the Padma Shri in 2017, and India's highest sporting honour, the Khel Ratna award, in 2018.

In 2018, Time magazine included him on its list of the 100 most influential people in the world. Kohli has been deemed one of the most commercially viable athletes, with estimated earnings of ₹634 crore (US$75 million) in the year 2022.