- In 2005 he was bestowed with the Kala Prathiba (Icon of Creative Arts), by the Kerala Film Critics Association for his immense contribution to Malayalam cinema.
- Parinamam (The Change), an NFDC film released in 2003 directed by Venu, tackles the age-old issue of loneliness and redundancy among the aged. In 2003 the film was screened at the Malayalam Film Festival, Dubai, Chennai International Film Festival, and the Indian Panorama section of the International Film Festival of India. The film won a selection at Cannes 2004. In 2005, the film won the award for Best Screenplay at the Ashdod International Film Festival held in Israel.
- His most recognized film C.I.D. Nazir, in 1971, revolutionized movie-making in the investigative genre in Malayalam cinema. Following this film's commercial and critical success, he came up with two more in the series - Taxi Car in 1972 and Prethangalude Thazhvara in 1973, as the first investigative sequels in Malayalam cinema.
- His directorial venture Udhyogastha in 1967 was the first-ever multi-star cast film of the south India.
- His last film, Parinamam (The Change), in 2003 won an honour for the Malayalam cinema on the global stage by winning the Best Screenplay Award at the Ashdod International Film Festival in Israel.
- He published his book titled Udyogastha Muthal (meaning 'Udyogastha Onwards') in 2010, reminiscing his life as a filmmaker and his experiences in the film industry.
- His fascination and passion for filmmaking led him to Merryland Studio, Trivandrum, Kerala, where he worked as an assistant director for a few years before making his directorial debut Udhyogastha in 1967.
- He was also an active member of MACTA (Malayalam Cine Technicians Association).
- P. Venu was an Indian film director, producer, screenwriter, and lyricist with over 20 films to his name.
- His work in Malayalam cinema was significant and most influential, covering all themes and genres over a career spanning more than 40 years.
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