Mukund Lath received Shankar Puraskar from K. K. Birla Foundation in 2000, for his work, Sangeet evam Chintan (Music and Thoughts). He received another award, Naresh Mehta Vangmaya Puraskar, for the same work, from Madhya Pradesh Rashtrabhasha Prachar Samiti in 2003. In 2008, he received the Sangeet Natak Akademi Award. Two years later, in 2010, the Government of India awarded him the civilian honour of Padma Shri. The Sangeet Natak Akademi honoured him again, in 2012, with their Fellowship of Sangeet Natak Akademi Ratna.