Sir George Martin, who produced the Beatles, is to receive a special honour which recognises "his exceptional contribution to British music".
The hall was created in 2004 for groups and singers who are considered to be integral parts of "UK music culture".
Wilson and his band will perform at the induction ceremony on 14 November.
He has released seven solo albums but is best known for his work with the Beach Boys.
This year marked the 40th anniversary of the release of the album Pet Sounds. Wilson wrote, produced, arranged and performed with the Beach Boys
There will also be a tribute to Led Zeppelin, who have sold more than 300 million albums globally, from rockers Wolfmother.
And singers Joss Stone and Patti LaBelle will perform two of the hits of Springfield, who died in 1999 at the age of 59.
The show - at Alexandra Palace in London - will be broadcast live on BBC Radio 2.
Recorded highlights will be shown on Channel 4 in the UK on 16 November and on VH1 in the US on 25 November.
A panel of more than 60 artists, journalists and music industry executives decide which artists go into the hall.
Among the acts already inducted are the Beatles, the Rolling Stones, Bob Dylan, Elvis Presley and Pink Floyd. [BBC News]