Munakata was awarded the "Prize of Excellence" at the Second International Print Exhibition in Lugano, Switzerland in 1952, and first prize at the São Paulo Bienal Exhibition in Brazil in 1955, followed by Grand Prix at the Venice Biennale in 1956, and the Order of Culture, the highest honor in the arts by the Japanese government in 1970.

Due to the impoverished circumstances of his family, he had only an elementary school education; however, he exhibited a passion for art from early childhood.

Munakata later claimed that his artistic endeavors were sparked by Vincent van Gogh's (1853–1890) Still Life: Vase with Five Flowers, a reproduction of which was given to him by his teacher when he was 17.

He was rejected by the Bunten (The Japan Art Academy Exhibition) four times, until one of his paintings was finally accepted in 1928.

However, by this date, his attention had shifted away from oil painting to the traditional Japanese art of woodblock printing.

From 1928 onwards, Hiratsuka Unichi (1895–1997), another renowned sōsaku-hanga printmaker, taught Munakata wood carving.

After World War II, Munakata produced numerous woodblock prints, paintings in watercolor and oil, calligraphy, and illustrated books.

His prints feature images of floating nude females representing Shinto kami that inhabit trees and plants.

Munakata carved with amazing speed and scarcely used any preparatory sketches, producing spontaneous vitality that is unique to his prints.

Unlike Kōshirō Onchi (1891–1955), father of the sōsaku-hanga movement, who advocated artists’ expression of the "self" in creating prints, Munakata disclaimed all responsibilities as creator of art.

Munakata's subject matter and artistic style are very much characterized by his philosophy on the supremacy of the woodblock material and nature's inherent force and beauty.