The U.S. Olympic Hall of Fame was established in 1979 to celebrate the achievements of America's premier athletes in the modern Olympic Games. The first U.S. Olympic Hall of Fame class was inducted in 1983 during ceremonies in Chicago. That Charter Class, which included Olympic Greats such as Bob Beamon, Cassius Clay, Peggy Fleming, Al Oerter, Jesse Owens, Wilma Rudolph, Mark Spitz, Jim Thorpe and the 1980 "Miracle on Ice" Hockey Team remains the largest group (20 individuals and one team) ever inducted.

In 2004, after a 12-year hiatus, the U.S. Olympic Hall of Fame was revived through the support of the Allstate Insurance Company as the presenting sponsor. 

Every Olympic year, the U.S. Olympic Hall of Fame inducts a new class.  Past Olympic athletes, teams, paralympians, coaches, veterans and special contributors  gather to welcome in the newest members of the Hall of Fame.

Annual additions continued through 1992, adding Olympic legends such as Bart Conner, Donna de Varona, Dorothy Hamill, "Sugar Ray" Leonard, Carl Lewis, Greg Louganis, Phil Mahre, Debbie Meyer, John Naber and Mary Lou Retton. After a 12-year absence, the U.S. Olympic Hall of Fame returned to the City of Chicago in 2004, which featured an Olympic Class as high a caliber as the charter class.

Corporate support from presenting sponsor Allstate sparked the Hall's revitalization.

How members are inducted
A 10-person nominating committee consisting of athletes, distinguished members of the U.S. Olympic Hall of Fame, media, historians and USOC representatives select finalists for the online ballot at usolympicteam.com. Voting weight is divided among U.S. Olympians, select U.S. Olympic family/media and fans.

Hall of Fame Categories
The Hall of Fame is comprised of six categories, each with different qualifications and processes for induction:

• Individual Sport/Event -- Finalist must be retired from Olympic competition for at least four years following the last Olympic competition to qualify. Five individuals will be inducted in each Hall of Fame Class.
• Team -- U.S. team must have participated in Olympic competition at least four years prior to the induction ceremony and must consist of two or more athletes competing in an event. One (1) team will be inducted in each Hall of Fame Class.
• Paralympian -- U.S. athlete must be retired from competition for at least four years following the last Paralympic Games. A Paralympic nominating committee selects five (5) finalists in this category every two years and one (1) will be inducted with each Hall of Fame Class.
• Coach -- Finalists must have coached a U.S. Olympic Team(s) or individual(s) as the "coach of record" as part of the official U.S. Olympic delegation.  One (1) coach will be inducted as a part of each Hall of Fame Class.
• Veteran -- An Olympian who competed 12 Olympiads (48 years) prior to the ceremony. The nominating committee will select the one (1) inductee for each Hall of Fame Class.
• Special Contributor -- An individual who has demonstrated extraordinary service to enhancing the Olympic Movement in the United States. The nominating committee will select the one (1) special contributor every Hall of Fame Class.