The pair join the likes of Alan Shearer, Thierry Henry, Frank Lampard, Dennis Bergkamp, Eric Cantona and Roy Keane in getting inducted.
Gerrard never won a Premier League title with Liverpool but he was a driving force in the Reds midfield for many years, making 504 appearances, with 120 goals and 92 assists to boot.
Former England captain Beckham won six Premier League titles during his time with the Red Devils before leaving for Real Madrid in the summer of 2003.
He scored 62 goals and provided 80 assists in 265 appearances in the top flight.
"It's an honour to be inducted into the inaugural Premier League Hall of Fame alongside these legends of the game and league," Beckham told premierleague.com.
"The Premier League was such an important part of my career and life and I'm delighted to be recognised alongside these icons who I played with, competed with and looked up to.
"This is made even more of an honour for me knowing that it was down to the fans. This past year or so has shown just how important fans are to the game and it's so great to see them slowly being able to come back to stadiums because they make football truly special.
"I've always said that throughout my playing career and beyond, I'm so lucky to have incredible fans who support me on end so thank you to everyone who voted."
