| 2008 Miss Memphis | $750.00 |
| Southwest Tennessee Community College | $5368.00 (Full Tuition: 2 Years) |
| Austin Peay State University | $5238.00 (Full Tuition: 1 Year) |
| Baptist College of Health Sciences | $1000.00 |
| 2008 Miss Sweetheart | $500.00 |
| Southwest Tennessee Community College | $2684.00 (Full Tuition: 1 Year) |
| 1st Alternate | $300.00 |
| Southwest Tennessee Community College | $2684.00 (Full Tuition: 1 Year) |
| 2nd Alternate | $200.00 |
| Southwest Tennessee Community College | $2684.00 (Full Tuition: 1 Year) |
| 2008 Miss Teen Memphis | $100.00 |
| Teen State Entry Fee | $300.00 |
| 2008 Miss Memphis Princess | $100.00 |
| Princess State Entry Fee | $300.00 |
| Memphis Jaycees Community Service Award (Miss, Princess & Teens eligible) | $100.00 |
| Miss Congeniality, In Memory of David L. Stephens | $100.00 |
| Teen Congeniality, In Memory of Spencer D. Stephens | $50.00 |
| Princess Congeniality, In Memory of Grace Shelton Stephens | $50.00 |
| Miss Non-Finalist Talent Winner | $100.00 |
| Teen Non-Finalist Talent Award | $50.00 |
| Miss Non-Finalist Interview Award, In Memory of Max Wallace | $25.00 |
| Non-Finalist Fitness Wear Award, In Memory of Allen C. Guyton (Princess & Teens) | $25.00 |
| Miss Fan Favorite | $25.00 |
| Teen Fan Favorite | $25.00 |
| Princess Fan Favorite | $25.00 |