Soumitra has received the 'Officier des Arts et Metiers', the highest award for arts given by the French government, and a Lifetime Achievement Award from Italy. He turned down the honorary Padma Shri award from the Indian government in the 1970s; in 2004, he accepted the prestigious Padma Bhushan award from the President of India. He has been the subject of a full-length documentary named Gaach by French film director Catherine Berge. In 1998, he was awarded the Sangeet Natak Akademi Award given by the Sangeet Natak Akademi, India's National Academy of Music, Dance & Drama.
However, after receiving the Padma Bhushan, the third highest civilian honour given by Government of India in 2004, he changed his viewpoint towards awards, and stated "Now (after Padma Bhushan) I feel I don't have the right to hurt my viewers by rejecting an award." A few years later, on 9 June 2008, he was awarded the 2007 National Film Award for Best Actor for Podokkhep (Footsteps) (2006), which he accepted though stating "after decades of acting, I do not attach too much value to it". In 2010, he won Best Supporting Actor at 54th Asia-Pacific Film Festival for his role in Angshumaner Chhobi (2009).