Savage was described by sportswriter Bill Simmons as "one of the greatest pro wrestlers who ever lived"—a statement echoed by multiple industry performers. He was recognizable by wrestling fans for his distinctively flamboyant ring attire and raspy voice, intensity exhibited in and out of the ring, use of the finale from "Pomp and Circumstance March no. 1" by Elgar as his entrance music, and signature catchphrase, "Oooh yeah!" For most of his tenures in the WWF and WCW, Savage was managed by his real-life wife, Miss Elizabeth Hulette.

Savage had six world championship reigns during his 32-year career, including two as WWF World Heavyweight Champion and four as WCW World Heavyweight Champion. As WWF Champion, he held similar drawing power as Hulk Hogan. A one-time WWF Intercontinental Heavyweight Champion, he was named by WWE as the greatest titleholder of all time and credited for bringing "a higher level of credibility to the title through his amazing in-ring performances".

Savage was the 1987 WWF King of the Ring and the 1995 WCW World War 3 winner. He headlined many pay-per-view events throughout his career, including WrestleManias IV, V, and VIII (being part of a double main event at VIII), two of the first five SummerSlam shows, and 1995 Starrcade. He was inducted into the Wrestling Observer Newsletter Hall of Fame upon its inception in 1996, with a posthumous WWE Hall of Fame induction following in 2015.

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