Petty earned a Grammy Award in 1989 for Best Rock Performance By A Duo or Group With Vocal for his work with the Traveling Wilburys. His Full Moon Fever was in the Billboard Top Ten chart for over 34 weeks and earned triple-platinum status, along the way spawning such hits as "I Won't Back Down," "Free Fallin'" (All the vampires ... down Ventura Boulevard), and "Runnin' Down A Dream."
Petty rejoined with the Heartbreakers for his next album, Into the Great Wide Open in 1991.
In 1994, Petty released his second solo album, Wildflowers, which earned Petty many Grammy Awards and nominations. Among the hits from this album were "You Don't Know How it Feels", "You Wreck Me", and "It's Good to Be King"
He also has been honored with 10 nominations since 1981 when he received his first nomination for his collaboration with Stevie Nicks, "Stop Draggin' My Heart Around" in the category of Best Rock Performance By A Duo or Group With Vocal. As a songwriter, Tom Petty was acknowledged in May 1996 with the prestigious Golden Note Award from ASCAP.
Tom Petty & the Heartbreakers have a Star on the Hollywood Walk of Fame at 7018 Hollywood Blvd. and were inducted into the Rock and Roll Hall of Fame in 2002, their first year of eligibility.