Public Enemy, Heart, Randy Newman and Albert King will also be honoured at the ceremony, which will take place on April 18 at the Nokia Theater in Los Angeles.
[Left: Donna Summer / Right: Public Enemy]
"It's a terrific honour and we'll show up smiling," Rush's singer and bassist Geddy Lee told Rolling Stone. "It made my mum happy, so that's worth it."
Both Summer and King will be honoured posthumously, while Lou Adler and Quincy Jones will both receive the Ahmet Ertegun Award for non-performers.
This year marked the first time the public could vote for who they would like to see inducted into the Rock and Roll Hall of Fame.
Tickets for the show go on sale on January 25, while the ceremony will be broadcast on HBO in the US on May 18.
Watch Donna Summer perform 'I Feel Love' below: