N.W.A., one of the 16 nominees announced in October, did not make the cut. The iconic rap group includes Dr. Dre, who has launched successful solo albums and is the producer behind Eminem, 50 Cent and Kendrick Lamar.
More than 700 Rock Hall voters determined the 2014 class.
The 29th annual Rock and Roll Hall of Fame Induction Ceremony will be open to the public. Tickets go on sale next month.
The event will air on HBO in May.