In December 2003, Dr. Trottier received the prestigious Prix Lionel-Boulet, the Government of Quebec's highest honour for economic development in the area of applied technology. The same year, he was honoured by the Fédération de l'informatique du Québec as one of the 25 "Bâtisseurs des technologies de l'information et des communications (TIC)." In 2007, Dr. Trottier was named a Member of the Order of Canada, and in 2011, he received an honorary doctorate from the Université de Montréal.
Dr. Trottier and the Trottier Family Foundation have also been extremely generous benefactors of McGill University over the years. The Lorne M. Trottier Building, dedicated in 2004, was the product of a $10 million gift to the university. In 2006, that was followed by a second generous donation of $12 million to establish the Lorne Trottier Chair in Astrophysics and Cosmology in the Faculty of Science, the Lorne Trottier Chair in Aerospace Engineering in the Faculty of Engineering, and associated fellowships for graduate students in both faculties. Dr. Trottier and his family also support the Mini-Science Series and the Lorne Trottier Public Science Symposium Series annually at McGill "to hold a public forum to inform, inspire debate and raise public awareness on contemporary issues confronting society today".