Edwards studied at the University of Saskatchewan, graduating with a Bachelor of Commerce (great distinction), after which he obtained an LL.B from the University of Toronto (honors) in 1983. He would later also receive an honorary Doctor of Laws degree from the University of Saskatchewan and the University of Calgary. In 2013, he received an honorary law degree from the University of Toronto. Through a substantial contribution to the University of Saskatchewan in 2007, the College of Commerce was renamed the N. Murray Edwards School of Business. He was appointed as a member of the Order of Canada in 2013.
