Every year, the Honor Society of Phi Kappa Phi awards fifty-seven Fellowships of $5,000 each and three at $15,000 each to members entering the first year of graduate or professional study. Each Phi Kappa Phi chapter may select one candidate from among its local applicants to compete for the Society-wide awards.
- Walter and Adelheid Hohenstein Fellows - Both Dr. Walter and Adelheid Hohenstein were initiated into Phi Kappa Phi at the University of Maryland. Dr. Hohenstein was actively involved with Phi Kappa Phi for more than three decades. In 2004, the first Hohenstein Fellow is awarded to a top ranking nominee in each of the 5 regions: Northeast, Southeast, North Central, South Central, Western and one recipient from the University of Maryland when applicable. If there is no appropriate recipient from the University of Maryland, then a Hohenstein Fellow should be selected on the basis of distinguished research or service.
- Alfred M. Wolfe Fellow is awarded in his memory to a top ranking nominee majoring in agriculture, Classical Latin/Ancient Greek, or English.
- Yoerger Presidential Fellow - This fellowship, established in 2001 as a result of the generosity of Past National President Roger Yoerger is awarded each year to a student in one of the basic science disciplines (i.e., engineering, agriculture) rather than law or medicine.
- Slater Fellow - In 1985, on his 95th birthday, Dr. James R. Slater, emeritus professor of biology at the University of Puget Sound, became the first member of the Society to make a special contribution to have a fellowship bear his name. In awarding the Slater Fellow, preference is given to the top scorer whose undergraduate field is in the biological sciences.
- The Deborah and John Yeakel Fellow - Dr. John A. Yeakel and his wife Deborah Yeakel established the fellowship in 2011 to support graduate education for student nominees from the state of New Mexico. In the event that there are no nominees from a New Mexico chapter, the award will be given to any nominee pursuing graduate education in the fields of international relations, peace studies or conflict resolution. In the event that an individual meeting either criteria is not available, the award will be given to any nominee pursuing graduate education in any field other than law.
- Marjorie Schoch Fellow is awarded to a top ranking nominee. Mrs. Schoch earned a B.A. from Butler University and a Master of Library Science from the University of Illinois. She also enjoyed photography and travel. She was a lifelong supporter of her local chapter and Phi Kappa Phi Foundation for which The Society has established a named fellowship in her memory.
- Ruth E. Brasher Fellow - In recognition of years of dedicated services and in appreciation for her providing a planned gift to endow a fellowship, the Phi Kappa Phi Board of Directors created a named fellowship in honor of Dr. Ruth E. Brasher. The fellowship is awarded to the nominee from Chapter #058 at Brigham Young University should that nominee be chosen as a Fellowship recipient. If there is no fellowship recipient from this chapter, preference will be given to a recipient whose record of service is exceptional and/or whose undergraduate major is domestic and family science, should there be one.
- Kathleen Greey Fellow - The Greey Fellowship was created in 2001 to honor the memory of the late Kathleen Greey, a longtime chapter officer at Portland State University, who provided funds for this purpose in her estate plan. Preference will be given to one of the top-ranking nominee whose undergraduate field is other than the basic sciences.
- The Alice and Russell True Foundation Fellow - Established in 2012, this distinction is awarded to a Marcus L. Urann Fellowship recipient pursuing graduate education in any science field.
- The Agatha Huepenbecker Burnet Fellow - Established in 2015, this fellowship honors the memory of Agatha Huepenbecker Burnet, a dedicated chapter officer who served the Society in leadership roles at the national, regional and chapter levels. Burnet taught textiles and clothing at Iowa State University from 1956 until her retirement in 1993. The fellowship is awarded to a top-ranking nominee in any discipline.