Each year, the Memorial Tournament honors a person, living or dead, who has made a significant contribution to the game of golf. The idea came from Nicklaus, with assistance from Joe Dey, the first commissioner of the PGA TOUR. The honorees are selected by the Captains Club, a group of golf-minded individuals who act independently of the tournament organization and advise Nicklaus on the conduct of the tournament. In 2017, the Memorial Tournament will honor Greg Norman, Tony Lema, Ken Venturi and Harvie Ward.

• 2016 Johnny Miller
• 2015 Sir Nick Faldo
• 2014 Annika Sorenstam, Jim Barnes, Joe Carr, Willie Park Sr.
• 2013 Raymond Floyd
• 2012 Tom Watson
• 2011 Nancy Lopez
• 2010 Severiano Ballesteros
• 2009 JoAnne Carner & Jackie Burke Jr.
• 2008 Tony Jacklin, Ralph Guldahl, Charles Blair MacDonald, Craig Wood
• 2007 Louise Suggs & Dow Finsterwald
• 2006 Michael Bonallack, Charles Coe, William Lawson Little Jr., Henry Picard, Paul Runyan & Densmore Shute
• 2005 Betsy Rawls & Cary Middlecoff
• 2004 Lee Trevino & Joyce Wethered
• 2003 Julius Boros & William Campbell
• 2002 Kathy Whitworth & Bobby Locke
• 2001 Payne Stewart
• 2000 Jack Nicklaus
• 1999 Ben Hogan
• 1998 Peter Thomson
• 1997 Gary Player
• 1996 Billy Casper
• 1995 Willie Anderson, John Ball, James Braid, Harold Hilton & J.H. Taylor
• 1994 Mickey Wright
• 1993 Arnold Palmer
• 1992 Joseph C. Dey Jr.
• 1991 Babe Zaharias
• 1990 Jimmy Demaret
• 1989 Sir Henry Cotton
• 1988 Patty Berg
• 1987 Tom Morris Sr. & Tom Morris Jr.
• 1986 Roberto De Vicenzo
• 1985 Charles "Chick" Evans
• 1984 Sam Snead
• 1983 Tommy Armour
• 1982 Glenna Collette Vare
• 1981 Harry Vardon
• 1980 Byron Nelson
• 1979 Gene Sarazen
• 1978 Francis Ouimet
• 1977 Walter Hagen
• 1976 Robert Tyre Jones Jr.