In 2003, Goldfarb was inducted in the Toy Industry Hall of Fame, and in 2010, received the TAGIE (Toy and Game Innovation) Lifetime Achievement Award from the Chicago Toy and Game Group. He was the first American to receive the I.D.I.O.T. (International Designer and Inventor of Toys) at the UK Toy Inventors’ Dinner at the London Toy Fair in 1993.
