Professor Dyakonov is a recipient of the State prize (USSR) in physics for theoretical work on spin dynamics (1976), the Frenkel prize of the St. Petersburg Physical Society for theory of streamer discharge (1992), the Ioffe prize of the Russian Academy of Sciences for the theory of hot luminescence (1993), Beller Lectureship Award from the American Physical Society (2009), and the Grand prize from the French Physical Society (2009).