Magellan has come to be renowned for his navigational skill and tenacity. The first circumnavigation has been called "the greatest sea voyage in the Age of Discovery", and even "the most important maritime voyage ever undertaken". Appreciation of Magellan's accomplishments may have been enhanced over time by the failure of subsequent expeditions which attempted to retrace his route, beginning with the Loaísa expedition in 1525 (which featured Juan Sebastián Elcano as second-in-command). The next expedition to successfully complete a circumnavigation, led by Francis Drake, would not occur until 1580, 58 years after the return of the Victoria.

Magellan named the Pacific Ocean (which was also often called the Sea of Magellan in his honor until the eighteenth century), and lends his name to the Strait of Magellan.

Even though Magellan did not survive the trip, he has received more recognition for the expedition than Elcano has, since Magellan was the one who started it, Portugal wanted to recognize a Portuguese explorer, and Spain feared Basque nationalism.