In 1684 he had already been created Baron Godolphin, of Rialton, also in the Peerage of England.

He was a leading politician of the late seventeenth and early eighteenth centuries, a Knight of the Garter and Governor of Scilly.

Their only son, William Godolphin, Marquess of Blandford, was childless and predeceased both his parents.

In 1735 the 2nd Earl was created Baron Godolphin, of Helston, in the Peerage of Great Britain, with remainder, in default of male issue of his own, to the male issue of his deceased uncle Henry Godolphin, Dean of St Paul's.

At Wheal Vor they experimented with several new inventions (for instance, the Newcomen engine in 1715) to improve the working of their mines.