The first Boxing Hall of Fame was sponsored by Ring Magazine and located for decades at the offices of the Madison Square Garden in New York.

However, in 1990, as a consequence of an initiative by Ed Brophy to honor Canastota's world boxing champions, Carmen Basilio and Basilio's nephew, Billy Backus, the city of Canastota inaugurated the new museum, which showcases boxing's rich history.

There are ceremonies conducted every year to honor the inductees and the ceremonies are attended by many former world boxing champions, boxing celebrities and Hollywood celebrities each year.

Professional boxerss have to wait 5 years after retirement to be eligible for election into the Hall of Fame.

In January of 2004, Azumah Nelson, Carlos Palomino, Dwight Muhammad Qawi and Daniel Zaragoza were announced as the next world champion boxers to be inducted, in June. They head a class that also includes non-participants as well.

The hall of fame's current roster includes: