Raman was honoured with many honorary doctorates and memberships of scientific societies. Within India, apart from being the founder and President of the Indian Academy of Sciences (FASc), he was a Fellow of the Asiatic Society of Bengal (FASB), and from 1943, a Foundation Fellow of the Indian Association for the Cultivation of Science (FIAS). In 1935, he was appointed a Foundation Fellow of the National Institute of Sciences of India (FNI, now the Indian National Science Academy. He was a member of the Deutsche Akademie of Munich, the Swiss Physical Society of Zürich, the Royal Philosophical Society of Glasgow, the Royal Irish Academy, the Hungarian Academy of Sciences, the Academy of Sciences of the USSR, the Optical Society of America, the Mineralogical Society of America, the Romanian Academy of Sciences, the Catgut Acoustical Society of America and the Czechoslovak Academy of Sciences.
In 1924, he was elected a Fellow of the Royal Society. However, he resigned from the fellowship in 1968 for unrecorded reasons, the only Indian FRS ever to do so.
He was the President of the 16th session of the Indian Science Congress in 1929. He was the founder President of the Indian Academy of Sciences from 1933 until his death. He was member of the Pontifical Academy of Sciences in 1961.