While serving as a Circuit Court judge, Judge Holder was awarded the Sam A. Myar Award for Outstanding Service to the Legal Profession and to the Community and the Chancellor Charles A. Rond Award as Outstanding Jurist by the Memphis Bar Association. She also received the Judge of the Year Award from the Divorce and Family Law Section of the Memphis Bar Association.

While serving on the Tennessee Supreme Court, she received numerous awards, including the Marion Griffin-Frances Loring Award from the Association for Women Attorneys. She was recognized as a leader of state courts by the Southern Regional Conference of the National Association of Women Judges and as the Jurist of the Year by the Southeastern Region of the American Board of Trial Advocates. The Tennessee General Assembly honored her in 2008 by the passage of Joint Resolution 1401 in recognition of her achievement as the first female chief justice of Tennessee.

Janice was named a Legacy Laureate of the University of Pittsburgh in 2010. At the University of Pittsburgh’s 225th anniversary celebration, she was awarded its 225th Anniversary Medallion in recognition of her leadership and service to Tennessee’s legal community and for her mentoring of young people and young professionals. In 2015, she received the Kenneth P. Dietrich School of Arts and Sciences Distinguished Alumni Award and serves on the Pitt Alumni Association Board of Directors. She was named a "Prominent Alumni" by the Duquesne University School of Law in 2014.

Most recently, she received the William M. Leech Jr. Award for Outstanding Service to the Profession, Legal System and the Community from the Tennessee Bar Association Young Lawyers Division. In 2014, The Tennessee Alliance for Legal Services created the Janice M. Holder Award to recognize individuals who have made significant contributions to expanding Access to Justice in Tennessee. Also in 2014, she was the first recipient of the Justice Janice M. Holder Annual Pro Bono PALS Award created by the Public Action Law Society of the University of Memphis Cecil C. Humphreys School of Law.

In 2015, the University of the South awarded her the honorary degree of Doctor of Civil Law.  Also in 2015, Janice was inducted into the Tennessee Women's Hall of Fame.

In 2019, she was named one of the Memphis Business Journal’s Power 100 and was inducted as  a member of the National Academy of Distinguished Neutrals, Tennessee Chapter.