Since 1983, the Lake Placid Hall of Fame has inducted 130 individuals, as well as the members of the 1948 U.S. Olympic Four-Man Bobsled Team and the 1980 U.S. Olympic Hockey Team. Permanent plaques commemorating each member are on display in the Olympic Center's Hall of Fame between the 1932 Jack Shea Rink and the Lake Placid Conference Center.
To be considered for membership in the Hall of Fame, candidates should be past or current residents of the Olympic Region or have some significant connection to the area. Inductees must have made significant sports, cultural or civic contributions to the Olympic Region, or their endeavors must have enhanced the historical heritage of the area. In addition to their sports accomplishments, athletes who are inducted must also have made meaningful contributions to society improving the quality of life or fellowship in the Olympic Region.