Marc still influences todays music

Bolan strongly influenced artists of many genres, including glam rock, punk, post-punk, new wave, indie rock and Britpop. After seeing Bolan wearing Zandra Rhodes-designed outfits, Freddie Mercury enlisted Rhodes to design costumes for the next Queen tour in 1974. Bolan was the early guitar idol of Johnny Marr, who later found fame as the guitarist of the influential indie rock band the Smiths. In 1979, Siouxsie and the Banshees released a cover of "20th Century Boy" as the B-side to the single "The Staircase (Mystery)". The band had played the song live for several months and on the first anniversary of Bolan's death in 1978 played the song as the encore when they performed at Aylesbury Friars. Emerging in the New Romantic movement in the early 1980s, Boy George spoke of the impact Bolan and Bowie had on him: "They represented a kind of bohemian existence that I – at that point – could only imagine living. I loved the music. The first time I ever saw Marc Bolan really, properly was singing 'Metal Guru' and just loved him. I don't think you can separate an artist from what they wear or what they sing – it's kind of the complete package."

Pictured in 1971, Elton John, who would adopt glam aesthetics, on first seeing Bolan, "I thought: 'Where the fuck has this come from?' Marc Bolan was something different. He was sitting there in a cloak covered in stars, writing songs that sounded like Chuck Berry. What?".

In December 1980, "Telegram Sam" was the fourth single released by British gothic rock band Bauhaus. Also in 1980, the Bongos were the first American group, with "Mambo Sun", to enter the Billboard charts with a T.Rex cover. Since then, Bongos frontman Richard Barone has recorded several other Bolan compositions ("The Visit," "Ballrooms of Mars"), worked with T.Rex producer Tony Visconti for his current solo album, Glow (2010, Bar/None Records) that includes a remake of Bolan's "Girl" from Electric Warrior, and has himself produced tracks for Bolan's son Rolan. In 1983, NWOBHM band Girlschool covered "20th Century Boy" on their Play Dirty. In 1984, the Replacements released a cover of "20th Century Boy" as a B-side to the single "I Will Dare"; it is also included on the reissue version of their album Let It Be.

In 1985, Duran Duran splinter band Power Station, with Robert Palmer as vocalist, took a version of "Get It On" into the UK Top 40 and to US No. 6, the first cover of a Bolan song to enter the charts since his death. They also performed the tune (with Michael Des Barres replacing Palmer) at the Live Aid concert. In 1986, Violent Femmes covered the song "Children of the Revolution" on their album, The Blind Leading the Naked. In 1989, X released a live cover of "20th Century Boy" as the B-side to their single "Kurenai". In 1990, Baby Ford did a cover of "Children of the Revolution" that appeared on the album Oooh, The World of Baby For. In 1991, Japanese rock band T-Bolan were named after T. Rex and Bolan.

"It felt like he actually cast a spell. I've no doubt every aspect of how he presented himself was just an outpouring of his understanding that things could be magical, things could be heightened. Out in the ordinary world, he managed to cast a spell over all of us." — U2 guitarist The Edge on Bolan after watching him on Top of the Pops in March 1971.

"20th Century Boy" introduced a new generation of devotees to Bolan's work in 1991 when it was featured on a Levi's jeans TV commercial featuring Brad Pitt and was re-released, reaching No. 13 in the UK. The song was performed by the fictional band the Flaming Creatures (performed by Placebo, reprised by Placebo and David Bowie at the 1999 Brit Awards) in the 1998 film Velvet Goldmine. In every decade since his death, a Bolan greatest hits compilation has placed in the top 20 UK albums and periodic boosts in sales have come via cover versions from artists inspired by Bolan, including Morrissey. In 1991, Morrissey and David Bowie performed a duet of "Cosmic Dancer" at the Inglewood Forum in Los Angeles.

In 1993, Guns N' Roses covered "Buick MacKane" on "The Spaghetti Incident?", and their guitarist Slash has worn a t-shirt with an image of Bolan on the front. The main riff of Oasis' 1994 hit "Cigarettes & Alcohol" is lifted from "Get It On". In 1993, Adam Ant covered the track live on his Persuasion tour. The song was included on a private preview show on 21 February 1993 in Burbank, Los Angeles which was recorded and released, complete with the cover version, as a live bonus CD with 1994 pressings of his Antmusic: The Very Best of Adam Ant collection.

The Cameron Crowe-created movie Almost Famous features a scene where a Black Sabbath groupie is telling aspiring journalist William Miller (said to be created in Crowe's own image) about how, "Marc Bolan broke her heart, man. It's famous," regarding the character of Penny Lane, played by Kate Hudson. In 2000, Naoki Urasawa created a Japanese manga entitled 20th Century Boys that was inspired by Marc Bolan's song, "20th Century Boy". The series is a multiple award-winner, and has also been released in North America. The story was adopted into three successful live-action movies from 2008 to 2009, which were also released in the US, Canada and the UK.

Def Leppard named their twelfth studio album after a lyric in the Bolan-penned T. Rex song "Get It On".

In 2003, Depeche Mode's Martin Gore recorded covers of "Life Is Strange" and "Left Hand Luke and the Beggar Boys", and included them as b-sides of the single "Stardust". In 2006, Def Leppard released their album Yeah!, which contains covers of their favourite bands while growing up, the first song on this album is "20th Century Boy". Joe Elliott wanted to sing "Metal Guru" while Vivian Campbell wanted "Telegram Sam" but end up agreeing to "20th Century Boy". Def Leppard's 12th studio album, released in 2022, is named Diamond Star Halos, which is a lyric in "Get It On". "Children of the Revolution" was performed by Elton John and Pete Doherty of the Libertines at Live 8, in 2005. U2's Bono and Gavin Friday also covered "Children of the Revolution" on the Moulin Rouge! soundtrack. In 2020, Kesha would also record a cover of the song along with Marc Bolan's son, Rolan, on backing vocals.

His music is still widely used in films, recent notable cases being Breakfast on Pluto, Death Proof, Lords of Dogtown, Billy Elliot, Jarhead, Moulin Rouge!, Herbie: Fully Loaded, Breaking-Up, Hot Fuzz, Click, School of Rock , Scott Pilgrim vs. the World and Dallas Buyers Club. Bolan is still cited by many guitar-centric bands as a huge influence (Joy Division/New Order's Bernard Sumner has said that the first single he owned was "Ride a White Swan".) However, he always maintained he was a poet who put lyrics to music. The tunes were never as important as the words.

In 2007, the English Tourist Board included Bolan's Rock Shrine in their guide to Important Sites of Rock 'n Roll interest 'England Rocks'. As reported in 2011, a school is planned in his honour, to be built in Sierra Leone: The Marc Bolan School of Music and Film. A musical, 20th Century Boy, based on Bolan's life, and featuring his music, premiered at the New Wolsey Theatre in Ipswich in 2011.

In September 2020 a tribute album produced by Hal Willner, Angelheaded Hipster, was released featuring covers of Bolan songs by a variety of artists including Nick Cave, U2, Elton John, Joan Jett, Nena and Todd Rundgren.Two months later, Bolan and T. Rex bandmates Steve Currie, Mickey Finn and Bill Legend were inducted into the Rock and Roll Hall of Fame as part of the class of 2020 by The Beatles drummer Ringo Starr.