Герой Российской Федерации
Tokarev was awarded the "Hero of the Russian Federation" medal in 2000, Pilot Cosmonaut of the Russian Federation title in 1999, the Gold Star Medal of the Hero of the Russian Federation, Order for Service to Motherland in the USSR Air Forces Third Class in 1978, RF Medals and the NASA Space Flight Medal in 1999. He is an Honorary Citizen of Rostov, Yaroslavl Oblast.