At the time of her death Walker was considered to be the wealthiest African American woman in America. She was eulogized as the first female self-made millionaire in America, but Walker's estate was only worth an estimated $600,000 (approximately $8 million in present-day dollars) upon her death. According to Walker's New York Times obituary, "she said herself two years ago [in 1917] that she was not yet a millionaire, but hoped to be some time. Her daughter, A'Lelia Walker, became the president of the Madame C.J. Walker Manufacturing Company.

Walker's personal papers are preserved at the Indiana Historical Society in Indianapolis. Her legacy also continues through two properties listed on the National Register of Historic Places: Villa Lewaro in Irvington, New York, and the Madame Walker Theatre Center in Indianapolis. Villa Lewaro was sold following A'Lelia Walker's death to a fraternal organization called the Companions of the Forest in America in 1932. The house was listed on the National Register of Historic Places in 1979. The National Trust for Historic Preservation has designated the privately owned property a National Treasure.Indianapolis's Walker Manufacturing Company headquarters building, renamed the Madame Walker Theatre Center, opened in December 1927; it included the company's offices and factory as well as a theater, beauty school, hair salon and barbershop, restaurant, drugstore, and a ballroom for the community. The building was listed on the National Register of Historic Places in 1980.[