The 'Like a Rolling Stone' singer's iconic 1975 LP 'Blood on the Tracks' is one of 27 recordings deemed to have sufficient ''qualitative or historical importance'' to be a new inductee into the Recording Academy's hall, which aims to continue ''the tradition of preserving and celebrating timeless recordings''.
Sex Pistols' seminal 'Never Mind The Bollocks, Here's The Sex Pistols' album and Lou's 1972 single 'Walk on the Wild Side' also earned places in the hall, as did Chic's 1978 hit 'Le Freak', Neil Young's 1972 album 'Harvest', and Abba's Dancing Queen' from 1978.
Alice Cooper's 'School's Out' from 1972, Otis Redding's 1966 track 'Try A Little Tenderness', Kraftwerk's 'Autobahn; LP and Leonard Cohen' 'Songs of Leonard Cohen' were also selected by a committee for a place in the hall - which preserves recordings at least 25 years old - bringing the total number of honoured records to 987.
Two recordings of 'Swing Low, Sweet Chariot' - a 1909 version from Fisk Jubilee Singers and Paul Robeson's from 1926 - were chosen for preservation.
President and CEO of The Recording Academy, Neil Portnow, said of the collection: ''With recordings dating as early as 1909 through the late '80s, this year's Grammy Hall Of Fame entries not only represent a diverse collection of influential and historically significant recordings but also reflect the changing climate of music through the decades.
''These memorable, inspiring and iconic recordings are proudly added to our growing catalogue - knowing that they have become a part of our musical, social, and cultural history.''
2015 Recording Academy Hall of Fame inductees:
'Autobahn' (1974), Kraftwerk
'Big Girls Don't Cry' (1962), The Four Seasons
'Blood on the Tracks (1975), Bob Dylan
'The Bridge' (1962), Sonny Rollins
'Calypso' (1956), Harry Belafonte
'Dancing Queen' (1976), ABBA
'Harvest' (1972), Neil Young
'Honky Tonkin' (1947), Hank Williams and His Drifting Cowboys
'I Fought the Law' (1965), Bobby Fuller Four
'Jitterbug Waltz' (1942), ''Fats'' Waller, His Rhythm and His Orchestra
'John Prine' (1971), John Prine
'Le Freak' (1978), Chic
'Never Mind the Bollocks, Here's the Sex Pistols' (1977), Sex Pistols
'Nick of Time' (1989), Bonnie Raitt
'Rescue Me' (1965), Fontella Bass
'San Antonio Rose' (1939), Bob Wills and His Texas Playboys
'School's Out' (1972), Alice Cooper
'The Shape of Jazz to Come' (1959), Ornette Coleman
'Sixty Minute Man' (1951), The Dominoes
'Songs of Leonard Cohen' (1967), Leonard Cohen
'Stand!' (1969), Sly and the Family Stone
'Stardust' (1978), Willie Nelson
'Swing Low, Sweet Chariot' (1909), Fisk Jubilee Singers
'Swing Low, Sweet Chariot' (1926), Paul Robeson
'Tell It Like It Is' (1966), Aaron Neville
'Try a Little Tenderness' (1966), Otis Redding
'Walk on the Wild Side' (1972), Lou Reed
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