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In 2004, Schwarzman donated a new football stadium to Abington Senior High School—the Stephen A. Schwarzman Stadium.

On March 11, 2008 Schwarzman announced that he contributed $100 million toward the expansion of the New York Public Library, for which he serves as a trustee. The central reference building on 42nd Street and Fifth Avenue was renamed The Stephen A. Schwarzman Building.

On May 11, 2015 Peter Salovey, the President of Yale University, announced that Schwarzman contributed $150 million to fund a campus center at the school.

In 2015, Schwarzman donated $150 million to Yale University to establish the Schwarzman Center, a first-of-its-kind campus center in Yale’s historic “Commons” building.

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