The Beastie Boys and The Small Faces/ Faces will also be honoured at the US ceremony, which is due to take place on April 14 at Cleveland's Public Hall.
Red Hot Chili Peppers frontman Anthony Kiedis told Rolling Stone: "I called my dad and cried. The most emotional part for me was thinking about [late Red Hot Chili Peppers guitarist] Hillel Slovak.... It's really kind of his induction that I'm the most excited about.
"He's a beautiful person that picked up a guitar in the 1970s and didn't make it out of the 1980s, and he is getting honoured for his beauty... It really fills my heart with the reality of how much we love doing what we do, and how much Flea and I love each other.
"We have stuck together through thick and thin and we want to keep on trucking and continuing to do what it is we do."
Meanwhile, Guns N' Roses have become the first and only group to be inducted into the Hall of Fame on their first year of eligibility, despite the original lineup having not performed together since 1990.
The bands faced competition from iconic performers including The Cure, Chaka Khan and Donna Summer.
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Watch the music video for the Red Hot Chili Peppers' 'Under The Bridge' below: