An appliance knob stabilization device includes a bushing defining a first passage receiving an appliance knob shaft of an appliance knob therein. The device includes a flange having a radially extending first surface with the bushing being integral therewith and extending axially therefrom. The first surface of the flange is mountable behind a front panel of an appliance such that the bushing extends outwardly through an opening defined in the front panel. The flange defines a second passage receiving an appliance shaft operably engaged with an actuatable component in the appliance. The first passage and the second passage cooperate to form a continuous passage. The appliance knob shaft engages the appliance shaft along the continuous passage to reduce lateral movement of the appliance knob perpendicularly to the appliance shaft during rotational actuation of the actuatable component by the appliance knob. An associated method is also provided.