Pacquiao was a world champion from flyweight (112 pounds) through super welterweight (154 pounds) divisions in a career that spanned from 1995 to 2021.
The southpaw superstar finished with a record of 62 wins, eight losses and two draws.
Pacquiao, fellow fighters Michael Nunn and Vinny Paz and referee Kenny Bayless are among 14 individuals set to be enshrined June 5-8 at the Hall of Fame in Canastota, New York.
"I'm so happy that I have been selected to enter the International Boxing Hall of Fame. This certainly is a wonderful Christmas gift," said Pacquiao, who also served as a Philippines senator from 2016-2022.
"Throughout my career, as a professional fighter and a public servant, it has been my goal to bring honour to my country, the Philippines, and my fellow Filipinos around the world."
He follows into the Hall of Fame his countryman Gabriel 'Flash' Elorde, a 1960s super featherweight world champion who died in 1985 and in 1993 became the first Asian inducted into the International Boxing Hall of Fame.
"I am humbled knowing that in June, I will receive boxing's highest honour, joining our national hero, Flash Elorde, as well as my trainer and friend Freddie Roach," Pacquiao said.
In 2019, at age 40, Pacquiao became the oldest welterweight champion in boxing history by taking a split decision over American Keith Thurman for the World Boxing Association crown at 147 pounds.
Among the top fighters to fall at Pacquiao's hands were Americans Oscar de la Hoya and Shane Mosley, Mexico's Juan Manuel Marquez and Marco Antonio Barrera, Britain's Ricky Hatton and Puerto Rico's Miguel Cotto.