honor, honour, reward - bestow honor or rewards upon; "Today we honor our soldiers"; "The scout was rewarded for courageus action"

elevate, kick upstairs, promote, upgrade, advance, raise - give a promotion to or assign to a higher position; "John was kicked upstairs when a replacement was hired"; "Women tend not to advance in the major law firms"; "I got promoted after many years of hard work"

baronetise, baronetize - confer baronetcy upon; "He was baronetized for his loyalty to the country"

lord - make a lord of someone

knight, dub - raise (someone) to knighthood; "The Beatles were knighted"