Andrew Goodrum, the company's customer service director, said, "We are pleased to show our support for all those who serve or have served in the forces with free travel on Armed Forces Day".
Cllr Andrew Joy, Hampshire's executive member of communities, partnerships and external affairs, said: "We and our partners are delighted to receive funding for these projects, to help integrate armed forces and civilian communities, and deliver valuable local community services".
Kensington Palace, where Prince William and Prince Harry live, also took to Instagram to celebrate "the men and women who have served their country", sharing photos of the brothers with veterans and active duty members.
Prime Minister Theresa May praised the "tremendous" work of the military as she visited Liverpool to mark Armed Forces Day.
Toby Carvery's offer is open to all military personnel, from serving troops and reserves to veterans and cadets, and can be claimed by downloading a voucher and presenting this along with their military ID or veteran's card.
Meanwhile in Aberdeen, Vice Lord-Lieutenant Andrew Lawtie took the salute as the parade passed the city's Town House, where he was joined by Lt Col Phil Fox, commanding officer of the Aberdeen Universities Officers Training Corps (AUOTC), Lieutenant Malcolm Garrington of the Royal Navy and Squadron Leader Paul Whitford, who was representing the Royal Air Force.
Before the event, Sir Michael Fallon announced that almost 11,000 service personnel had been able to get on the housing ladder or change their home using payments from the Forces Help to Buy scheme, launched in April 2014.
The event at Dartmouth Park was kick-started with a military parade from the main gates at 11am followed by a family fun day.
Among them was the Earl of Wessex, the Defence Secretary Sir Michael Fallon and Mayor of Liverpool Joe Anderson at the event on the city's Pier Head.