In Volgograd, a monument to Mikhail Panikakha, a hero of the Soviet Union, was erected in May 1975. The copper sculpture, 6.3 meters tall, stands at the site where the soldier, engulfed in flames, charged at an enemy tank, ignited it, and at the cost of his life defended his homeland.

The creators of the memorial are sculptor Kharitonov and architect Belousov, who depicted Mikhail Panikakha at the moment of his heroic act. A memorial plaque on the pedestal of the monument reads: "Here, on October 2, 1942, sailor-infantryman Mikhail Panikakha of the 193rd Rifle Division, engulfed in flames from a bottle of flammable liquid, charged at a fascist tank and ignited it with a second bottle. Awarded posthumously the Order of the Patriotic War First Class."

The city also has a street named after Mikhail Panikakha, and his name is immortalized on one of the slabs of the mass grave at Mamayev Kurgan.