Honours & Legacy | - On 11 November 2007, in Cupertino, California, a life-size bronze statue of Axelson was installed. The statue showed him in a 'defensive kneeling' posture, with his rifle placed on one knee. His Navy Cross citation was included in the statue's design.
- On 3 November 2015, the Pacific Beacon housing complex located at Naval Base San Diego was renamed The Axelson Building in which a display case was set up in the lobby to store a collection of Axelson's possessions.
- His name was engraved on the war memorial of San Diego State University on 13 November 2015. The university also acknowledged him as its alumnus.
- In October 2019, the representatives in the Senate presented a bill to change the name of the post office in Cupertino, California, to the “Petty Officer 2nd Class (SEAL) Matthew G. Axelson Post Office Building.” The bill was cleared on 14 September 2020, paving the way for the renaming of the building.
- As a tribute, Axelson Tactical, led by Matthew's older sibling, introduced a special rifle in 2016 that resembled the one Matthew used in Operation Red Wings in 2005. Eventually, the company partnered with Navy SEAL Marcus Luttrell's Team Never Quit Ammunition for a charity initiative, offering the rifle along with a thousand rounds of ammunition to generate funds for the Special Operations Wounded Warriors organization.
- Following his death, his relatives founded the Matthew Axelson Foundation in California with the aim of aiding veterans of the US Armed Forces cope with distress and disability.
- After he passed away, the US Navy donated Axelson's battle gears that he wore during Operation Red Wings to a museum in his hometown for the public to see.
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