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Japanese records report losses for this battle as 8,440 killed, 8,766 wounded, 162 aircraft lost, and 42 tanks lost (of which 29 were later repaired and redeployed). Roughly 3,000 Manchukuoan and Japanese troops were taken prisoner during the battles. Due to a cultural obsession with never surrendering, the Japanese listed most of these men as killed in action, for the benefit of their families. Some sources put the Japanese casualties at 45,000 or more killed, with Soviet casualties of at least 17,000. However, these estimates for Japanese casualties are considered inaccurate as they exceed the total strength of the Japanese forces involved in the battle (estimated at 28,000–38,000 troops, despite Soviet claims that they were facing 75,000). According to the records of the Bureau 6A hospital, the Japanese casualties amounted to 7,696 killed, 8,647 wounded, 1,021 missing, and 2,350 sick, for a total of 19,714 personnel losses, including 2,895 Manchukuoan casualties. The Kwantung Army headquarters and their records give a slightly different figure of 8,629 killed and 9,087 injured. The Soviets initially claimed to have inflicted 29,085 casualties on the Japanese, but later increased this to 61,000 for the official histories.

The Soviets initially claimed 9,284 total casualties, which was almost certainly reduced for propaganda purposes. In recent years, with the opening of the Soviet archives, a more accurate assessment of Soviet casualties has emerged from the work of Grigoriy Krivosheev, citing 7,974 killed and 15,251 wounded. In the newer, 2001 edition, the Soviet losses are given as 9703 killed and missing (6472 killed and died of wounds during evacuation, 1152 died of wounds in hospitals, 8 died of disease, 2028 missing, 43 non-combat dead), 15,952 wounded and sick, and a further 2225 hospitalizations due to disease, a total of 27,880 casualties. In addition to their personnel losses the Soviets lost a large amount of materiel including 253 tanks, 250 aircraft, 96 artillery pieces, and 133 armored cars. Of the Soviet tank losses, 75-80%% were destroyed by anti-tank guns, 15-20% by field artillery, 5-10% by infantry-thrown incendiary bombs, 2-3% by aircraft, and 2-3% by hand grenades and mines. The large number of Soviet armor casualties are reflected in the manpower losses for Soviet tank crews. A total of 1,559 Soviet "Tank Troops" were killed or wounded during the battles.

Mongolian casualties were 556-990, with at least 11 armored cars destroyed and 1,921 horses/camels lost.

Nomonhan was the first use of airpower on a massive scale in a high intensity battle to obtain a specific military objective.  The combatants remained at peace until August 1945, when the Soviet Union declared war on Japan and invaded Manchukuo and other territory after the atomic bombing of Hiroshima.