In 1897, Rama Varma was appointed by British government as a Knight Commander of the Order of the Star of India (KCSI).

In the accompanying 1903 Durbar Honours he was promoted by British government as a Knight Grand Commander of the Order of the Star of India (GCSI).

His name was given to several educational institutions in the Cochin state like the one in Vadavucode named Rajarshi Memorial Higher Secondary school Vadavucode and Rajarshi Memorial Higher Secondary school, Alloor.

Rama Varma XV had married twice, his first marriage did not last for long due to the death of his wife.

He also happens to be the step father of Ittyanath Madathil Madhavi (wife of Rama Varma Parikshith Thampuran).