According to Ashburn's mother, he planned to retire from broadcasting at the end of the 1997 season. On September 9, 1997 in New York City, after broadcasting the Phillies-Mets game at Shea Stadium, Ashburn suffered a heart attack and died. A large crowd of fans paid tribute to him, passing by his casket in Memorial Hall, located in Philadelphia's Fairmount Park. He is interred in the suburban Gladwyne Methodist Church Cemetery, Montgomery County, Pennsylvania.
Ashburn was inducted into The Broadcast Pioneers of Philadelphia Hall of Fame in 1997.