In 1951, impressed by the spirit of the students and the community's need for the opportunity to experience original art works first hand, Price donated some 90 pieces from his own collection to East Los Angeles College in Monterey Park, California, thus establishing the first "teaching art collection" owned by a community college in the U.S. Today, the Vincent Price Art Gallery continues to present world-class exhibitions, and remains one of the actor's most enduring legacies. The collection contains over 2,000 pieces and has been valued in excess of five million dollars. (On exhibit at The Vincent Price Gallery on the ELAC campus for free. Mon-Thu 12:00pm–3:00pm behind the F-5 Building)

Price was an Honorary Board Member and strong supporter of the Witch's Dungeon Classic Movie Museum located in Bristol, Connecticut until his death. The museum features detailed life-size wax replicas of characters from some of Price's films, including The Fly, The Abominable Dr. Phibes and The Masque of the Red Death.[10]

A black box theater at Price's alma mater, St. Louis Country Day School, is named after him.

Director Tim Burton directed a short stop-motion film as a tribute to Vincent Price called Vincent, about a young boy named Vincent Malloy who was obsessed with the grim and macabre. It is narrated by Price. Vincent Twice, Vincent Twice was a Price parody on Sesame Street. He was parodied in an episode of The Simpsons ("Sunday, Cruddy Sunday"). Price even had his own Spitting Image puppet, who was always trying to be "sinister" and lure people into his ghoulish traps, only for his victims to point out all the obvious flaws. Starting in November 2005, featured cast member Bill Hader of the NBC sketch comedy/variety show Saturday Night Live has played Price in a recurring sketch where Vincent Price hosts botched holiday specials filled with celebrities of the late 1950s-early 1960s. Other cast members who have played Price on SNL include Dan Aykroyd and Michael McKean (who played Price when he hosted a season 10 episode and again when he was hired as a cast member for the 1994-1995 season). The October 2005 episode of the Channel 101 series Yacht Rock featured comedian James Adomian as Vincent Price during the recording of Michael Jackson's "Thriller".

In 1999, a frank and detailed biography of Price, written by his daughter Victoria Price, was published by St Martin's Griffin Press.