Britpop veterans Blur saw off competition from fellow reformed rockers the Stone Roses to be named the best live act at the Q Awards.
The band, who headlined the 2012 Games closing concert on August 12, released their debut album 21 years ago and have racked up 13 top 10 hits.
They picked up the award at a ceremony in central London today, but lost out to Muse in the race to be named the best act in the world.
Emeli Sande, who starred in the Olympics closing ceremony, was named best solo artist, while Smiths guitarist Johnny Marr was named a Q hero.
Dance duo Underworld, whose music provided much of the soundtrack to the games opening ceremony, were given the Q innovation in sound award.
The magazine's editor Andrew Harrison said: "It's been the most incredible year for British music. Our bands and our anthems transformed the Olympics.
"A string of great albums announced fantastic new talent on the scene. And amazing comeback shows from Blur and the Stone Roses showed the enduring appeal of our best-loved musicians.
"Q is proud to raise a glass (perhaps a bottle of our very own Q Red Label Beer) to salute the artists that make Britain the world capital of rock and roll."