Wellman won a single Academy Award, for the story of A Star Is Born. He was nominated as best director three times: for A Star Is Born, Battleground and The High and Mighty, for which he was also nominated by the Directors Guild of America as best director. In 1973, the DGA honored him with a Lifetime Achievement Award. Copies of both Wings and The Story of G.I. Joe are preserved in the Academy Film Archive. Wellman also has a star on the Hollywood Walk of Fame, at 6125 Hollywood Blvd.
Decades after Wellman's death, William Jr. wrote two biographies about his father, The Man and His Wings: William A. Wellman and the Making of the First Best Picture (2006) and Wild Bill Wellman—Hollywood Rebel (2015). Fellow filmmakers have also examined Wellman's career. Richard Schickel in 1973 devoted an episode of his PBS series The Men Who Made the Movies to Wellman, and in 1996, Todd Robinson made the feature-length documentary Wild Bill: Hollywood Maverick.