The 45-year-old, who had a frustrating part-season in formula one as Ayrton Senna's teammate before returning to American open-wheelers, was among six others honored at a ceremony in Detroit.
The 1991 CART champion is the son of 1978 world champion Mario Andretti, and the father of 21-year-old Marco, who has tested for Honda's F1 team. He also owns a team in the Indy Racing League.
"You do your job, and you never really think about ever being in the Hall. It ranks right up there with other things I achieved - but it's a different kind of thing - it's an honour-type thing and it's very special," said Andretti.
Mario Andretti was inducted in 1990.