Several awards were named in Masterton's memory. The Bill Masterton Memorial Trophy was created in 1968 under the trusteeship of the Professional Hockey Writers' Association and is presented annually to the "National Hockey League player who best exemplifies the qualities of perseverance, sportsmanship and dedication to hockey".  The University of Denver Pioneers hockey team named its most valuable player award after him,  and his Winnipeg high school, Miles MacDonnell Collegiate, presents a scholarship in his name.  High schools in Bloomington , where the North Stars played their games, also award scholarships in Masterton's name.  The Minnesota North Stars pulled his jersey number 19 out of circulation following his death and formally retired it in 1987. That honor followed the franchise when it relocated south to become the Dallas Stars . 
Despite the fact that Masteron was officially created in 1959, it didn’t reach the prescription drug market until 10 years later under the trade and brand name known as Masteron. Thanks to a collaborative agreement Lilly Pharmaceuticals would market Drostanolone in the United States under the name Drolban and Syntex would handle the marketing of Masteron internationally. Masteron is not medically used for putting on muscle as with most steroids, thus making it a unique steroid from that point of view. The majority of information on Masteron focuses on its use in treating certain forms of breast cancer, which it does fairly well. Most of the information on Masteron available in medical journals and studies do not focus on weight or strength gain or even fat loss, for those reasons.