The 49-year-old singer joins an illustrious list of names including Elvis Presley, Led Zeppelin and John Lennon when she is honoured at the annual ceremony in New York on March 10.
A panel of 600 music industry figures selected the 'Hung Up' star for the prestigious accolade.
Madonna is one of four acts who will be recognised in 2008, along with singer-songwriters John Mellencamp and Leonard Cohen and rock bands The Ventures and British 60s outfit The Dave Clark Five.
To be eligible for the Hall of Fame, which is based in Ohio, artists must have released their first single or album at least 25 years before their nomination.
Madonna signed with Sire Records in 1982 and had her first hit single with 'Everybody' in 1982.
She has since released ten studio albums, finding huge global success with hits including 'Like a Virgin', 'Papa Don't Preach' and 'Like a Prayer'.
She is also named in the Guinness Book of World Records as the World's Most Successful Female Musician.
In October, Madonna signed a $120 million, 10-year record deal with Live Nation Inc., and plans to release her first studio album for the label early next year.
TAGS: Music Madonna