The Elks National Memorial was declared a Chicago Landmark on October 1, 2003, for meeting many of the criteria the Commission on Chicago Landmarks has declared necessary for landmark status. This includes the criterion of being a critical part of the city's heritage. The Elks National Memorial satisfies this as an example of Chicago's lakefront beautification, because of the historical importance of the Benevolent and Protective Order of the Elks, and because of its purpose as a war memorial.

It also meets the criterion of important architecture as a wonderful example of Beaux-Arts and distinctive classical architecture that mirrors the Pantheon in Rome. It also contains works by some of America's foremost sculptors, muralists, and artists of the time, and its exquisite use of limestone, marble, and bronze is considered to be exceptional. Its prominent location at the edge of Lincoln Park along with its soaring domed temple meet the criterion of unique visual feature, and it meets the integrity criterion for remaining faithful to its original design, as preserved by its two renovations.

A Chicago Landmark plaque sits outside the building:

Gabriel Caniglia