The 34-year-old singer delivered an emotional and heartfelt speech at the ceremony before performing alongside other 2015 inductees.
Timberlake was introduced to the stage by talk show host and close friend Jimmy Fallon, who called Timberlake "one of the biggest stars in the world."
Timberlake tearfully called his induction the "coolest thing that has ever happened to [him]."
“I wanna thank all the great artists in this hall,” said Timberlake. “I’m truly honored to merely stand on the shoulders of all these legends I grew up listening to, and I grew up admiring, to say that I stand alongside them now.”
Timberlake posted a photo from the induction ceremony on Instagram, thanking Memphis and the Memphis Music Hall of Fame for the prestigious honor.
"I am truly honored to share this with all of you," wrote Timberlake.
The "Suit and Tie" singer also gave a sweet shout out to his wife, Jessica Biel.
Timberlake thanked Biel for being his "rock," and called the actress “beautiful, loving and incredibly understanding of her husband's shortcomings.”
“Baby, I love you more than I could put into words and more than any song I could ever write,” Timberlake said.