In 2003, he was awarded the Cultural Medallion.
In 1977 Lim Tze Peng won the Special Prize at the Commonwealth Art Exhibition in England. This came as surprise and a much-needed encouragement, especially when the entry was initially rejected by the local selection committee for being neither Easter nor Western in style.
In 2009 he became the first Singaporean artist to be invited to exhibit in China.
National Art Museum of China Beijing Liu Haisu Art Museum, Shanghai
In 2016, he became the oldest living artist to join the ranks of the small group of pioneer artists who were awarded the Meritorious Service Medal. The four who preceded him were Cheong Soo Pieng (awarded in 1962); Chen Wen Hsi (1992); Pan Shou (1994) and Liu Kang (1996) all posthumously.