Carter is one of five players announced as 2023 inductees by World Rugby.
The others are Thierry Dusautoir of France, Bryan Habana of South Africa, Juan Martin Hernández of Argentina and George Smith of Australia.
The five players will be honoured at the World Rugby Awards in Paris the day after the World Cup final.
Carter, a two-time Rugby World Cup winner and the record points-scorer in test rugby, produced a virtuoso display in the 2015 final to help New Zealand create history by winning back-to-back tournaments.
He made his All Blacks debut in 2003 against Wales and his 112th and last test was the 2015 World Cup final win over Australia in 2015.
Carter is the highest points scorer in the history of test rugby (1598 points) and is without doubt one of the greatest players of the modern age.
Initially an inside-centre for both the Crusaders and the All Blacks, Carter announced his arrival on the international stage with 20 points against Wales in his first test start in Hamilton in 2003.
It was not until the 22nd of his 112 caps, against Italy in Rome in November 2004, that Carter took hold of the number 10 jersey and remained in possession of it virtually untouched for another 11 years.
Many consider his 33-point contribution in the second test of the 2005 British and Irish Lions series to be the best match individual match performance ever.
Carter was named World Rugby Player of the year three times, in 2005, 2012 and 2015.
He is the 28th New Zealander to be inducted to the Hall of Fame.
Dusautoir captained France in the 2011 World Cup final against New Zealand. He was capped 80 times including 56 as captain and was named World Rugby Player of the year in 2011.
Habana was crowned World Player of the Year after helping the Springboks win the World Cup in 2007. He scored 67 tries in 124 tests for his country.
Hernandez played 74 tests for Argentina over 14 years and played in three World Cups.
Smith made 111 appearances for Australia between 2000 and 2013.
The five inductees bring the total in the Hall of Fame to 166 since it began in 2006.
