49-year-old Lee was a spearhead of one of Australia's most dominant eras of all-format cricket, contributing to their record-breaking three consecutive ICC World Cup wins (1999, 2003, 2007) in addition to 310 Test wickets in an attack alongside fellow Hall of Famers Glenn McGrath and Shane Warne.
Lee currently stands at 15th on the all-time list of international wickets (718), behind only McGrath, Warne and Mitchell Starc for those from his country, and his individual honours along the way include the 2008 Allan Border Medal and Wisden's Cricketer of the Year in 2006.
The chair of the Australian cricket Hall of Fame, Peter King, hailed Lee's induction as "richly deserved".
“He was not only one of the fastest and most exciting bowlers the world has seen, but also an outstanding ambassador for Australian cricket.
"Brett’s impact transcended statistics — he inspired fans around the world with the way he played the game, the respect he showed opponents, and the pride he took in representing his country.
“Now a respected commentator, Lee continues to contribute to the game and its communities globally long after his final delivery."
Lee has spoken throughout his career of his idolisation of 20th century great Dennis Lillee, once speaking in 2008 of his admiration of Lillee's "total control of swing and seam movement" in the latter half of his career when his raw pace began to wane.
Speaking this week about his Hall of Fame honour, 'Binga' went as far as to say that a few stern words of advice from Lillee in 1992 changed the trajectory of his fledgling career as a teenager.
Lee was attending a fast-bowling clinic in New South Wales as a 16-year-old when he met Lillee, who warned Lee of the dangers of his youthful bowling action.
"If you don't change your action, in two years you'll have a broken back," Lillee said in the words of Lee.
Having initially ignored the advice, Lee indeed suffered from severe back problems at age 18 and was sent to Perth by Cricket Australia to work with Lillee on a remedial program.
"Throughout my whole career, he's been incredible in modifying my action, changing my action and allowing me to play," Lee explained.
"I wouldn't say pain-free, but to get to the speeds I did."