He was granted a testimonial match in 1978 against a Scotland XI as part of the national squad's preparations for the 1978 FIFA World Cup; Rangers won 5–0 before a crowd of 65,000 at Ibrox.

[8] He scored the late winner in Scotland's 1–0 victory against Italy at Hampden Park on 9 November 1965 and in 1967 achieved the distinction of captaining the Scottish side who beat England 3–2 — their first defeat as World Champions — at Wembley.

[10] The club failed to win the league championship during Greig's time as manager, finishing no higher than the second place achieved in 1978–79.

However, these were isolated achievements, and Greig — under intense pressure from the Scottish media, Rangers supporters and the club's directors — resigned in October 1983, replaced by the returning Wallace.

Dick Advocaat, manager of Rangers from 1998 to 2001, re-involved Greig in football coaching during which time he contributed to youth development.

In June 2008, he was awarded honoris causa, from the University of Glasgow in recognition for outstanding achievement in football and continuing ambassadorship for the sport.

[15] He was appointed Commander of the Order of the British Empire (CBE) in the 2023 Birthday Honours for services to association football and the community in Scotland.