Sketches of Spain is regarded as an exemplary recording of Third Stream, a musical fusion of jazz, European classical, and styles from world music. It won the 1961 Grammy Award for Best Jazz Composition of More Than Five Minutes Duration.

The famous stop-start opening of "Pharaoh's Dance" was constructed entirely in the studio, using repeat loops of certain sections. Later in the track, there are several micro-edits, including a one-second-long fragment that first appears at 8:39 and is repeated five times between 8:54 and 8:59.

Davis signed with Columbia Records in 1955 and formed his "first great quintet" with John Coltrane on saxophone. 'Round About Midnight was his first album for the label.

"So What" is one of the best known examples of modal jazz. The same chord structure would later be used by John Coltrane for his standard "Impressions".

In 1988, Davis had a small part as a street musician in the Christmas comedy film Scrooged starring Bill Murray.

Doo-Bop was recorded with hip hop producer Easy Mo Bee and released posthumously on June 30, 1992. At the time of Davis' death in 1991, only six pieces for the album had been completed. Warner Bros. asked Easy Mo Bee to take some of the unreleased trumpet performances (stemming from what Davis called the RubberBand Session) and build tracks that Miles "would have loved." The album's posthumous tracks are "High Speed Chase" and "Fantasy".

Don Cheadle, who also directed, took a free-form approach to the film's narrative. Skipping around in time, it depicts Davis' attempts to get his career back on track following a period of inactivity and drug addiction in the 1970s, fictional adventures with a journalist who wants to profile him, and his troubled marriage to a former dancer. The film's score covers, in non-linear fashion, Davis' actual recordings throughout his career.

Miles Davis won eight Grammy Awards and received thirty-two nominations. He was also honored in 1990 with a Lifetime Achievement Award.

In 2006, Davis was inducted into the Rock and Roll Hall of Fame, which recognized him as "one of the key figures in the history of jazz."

Since its release on August 17, 1959, Kind of Blue has been regarded by critics as Davis' greatest work. It is also the best-selling jazz record ever made. In 2019, it was certified 5x Platinum by the Recording Industry Association of America (RIAA) for shipments of over five million copies.