Inductees are selected on ballots created through screened public nominations by members of the Boxing Writers Association of America.

The IBHOF started as a 1980s initiative by Ed Brophy and other locals to honor Canastota's world boxing champions, Carmen Basilio and Basilio's nephew, Billy Backus; the village of Canastota inaugurated the new museum in 1989 which showcases boxing's rich history.

[1][2] With the opening of the Oneida Indian Nation’s Turing Stone Casino in the nearby city of Verona in the early 90s, a relationship was developed whereas various IBHOF Hall of Fame Weekend events were hosted at the casino.

Beginning in 2020, the IBHOF began inducting female boxers for the first time since its inception.

Ceremonies have been held every second Sunday in June since 1990 to honor inductees but were postponed in 2020 and 2021 due to COVID-19.