The hall of fame was founded by former Academy of Television Arts & Sciences (ATAS) president John H. Mitchell (1921–1988).
The first ceremony in 1984 celebrated the careers of Lucille Ball, Milton Berle, Paddy Chayefsky, Norman Lear, Edward R. Murrow, William S. Paley and David Sarnoff.
The honorees received glass statuettes in the form of two ballet dancers that were created by sculptor and painter Pascal to reflect the self-discipline required in all facets of the arts.
All inductees have been individuals or pairs, with the exceptions of the series I Love Lucy in 1990 and the entire original Saturday Night Live cast in 2017.
In 2016, the four broadcast networks (ABC, CBS, FOX and NBC) were honored with special "Hall of Fame Cornerstone" Awards.