In an ongoing effort to honor the pioneers of the four-string banjo - as well as contemporary figures who carry on the traditions of their predecessors, the National Four-String Banjo Hall of Fame was established in 1998.

Induction into the Hall of Fame is open to any individual (living or deceased), musical group or company whose career accomplishments have made a significant and positive impact on either the art or industry of the four-string banjo.  The Hall of Fame nomination and election process is conducted by the Board of Directors of the American Banjo Museum, a nonprofit organization located in Oklahoma City, Oklahoma.

Each year, the Museum Board has the opportunity to make up to four nominations in each of the following five categories:

• Performance/Contemporary (living)
• Performance/Historical (deceased)
• Instruction & Education
• Design & Manufacture
• Promotion