Holm died on 27 February 1970 at his home in St. Marys, Pennsylvania. His funeral was held in Sweden at Skara Cathedral on the 14 August 1970 where his ashes were interred. An obituary to Holm was published in Physics Today (American Institute of Physics). In 1971, the year after Holm's death, the IEEE established the Ragnar Holm Scientific Achievement Award ("Ragnar Holm Award") for efforts in the field of electrical contacts. The prize has been awarded annually since 1972.