The rock legend was voted into the Rock and Roll Hall of Fame. The induction ceremony takes place later this year.
He was given the American Music Awards Lifetime Achievement Award in May.
And on Tuesday in Hollywood, Idol and longtime guitarist Steve Stevens were the latest inductees into Guitar Center's Hollywood Rockwalk.
"I began in 1976 so it is 50 years! It is kind of a fantastic thing that a lot of these honors are happening this year," Idol told On The Red Carpet.
Stevens and Idol have been friends and collaborators for nearly 45 years. Stevens jokes it's his longest relationship! But that's what makes them work so well together.
"The more you have this kind of symbiotic friendship, you can translate it into the music. And the music gets better, the songs get better and it means so much to our audience," he said.
Idol and Stevens are in good company at the Rockwalk. Previous inductees include John Lennon, Eric Clapton, Stevie Wonder, Aerosmith, Janis Joplin, Jimi Hendrix, Alanis Morissette, The Ramones, Elvis Presley, Johnny Cash and Black Sabbath.
"We created the Rockwalk at a time when there was no Rock and Roll Hall of Fame. And we wanted to recognize people who were making a lasting impact on music," explained Gabe Dalporto, Guitar Center's CEO. "They really changed how you experience music, they brought new genres to the forefront and we thought they were well deserving of the honor."
Idol, born William Broad, began his career in the U.K. punk rock scene in the 1970s, with a band called Generation X. They released three albums before disbanding. Idol moved to New York City, where he linked with Stevens. Together, they reached commercial success with their first album "Billy Idol," which featured the songs "White Wedding" and "Dancing With Myself."
Idol's second album "Rebel Yell" featured songs like "Rebel Yell", "Flesh for Fantasy" and "Eyes Without a Face." His music videos were mainstays on MTV and Idol was launched to superstar status.
He's released nine more albums since then, an autobiography called "Dancing With Myself" in 2014 and a documentary called "Billy Idol Should Be Dead," which is streaming now on Hulu and Hulu on Disney+.
Radio personality Richard Blade, who was a DJ at Los Angeles station KROQ and is now a host on Sirius/XM's First Wave channel, said Idol is the same as he was when he started playing his music in the 1980s.
"I think the thing about Billy Idol that's made him a legend and icon is he's always been himself. He's never kind of sold out and gone with the times. He's always been Billy," said Blade. "He started that way in '78 with (Idol's first band) Gen X and he's still that way to this day."
Idol revealed he's currently working on new music that he hopes to release next year.
"I'm still here doing it. I still enjoy doing it," he said Idol. "I'm still excited about music and that's a great thing."
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