Hazard scored 85 Premier League goals and created 54 assists for the Blues during his time in the English top flight before leaving for Real Madrid.
He joins the likes of John Terry, Didier Drogba, Frank Lampard, Petr Cech and Ashley Cole in receiving the award.
Speaking about his induction, he said: "My dream was to play at the highest level and I did it, so I am really happy. Week after week, you have big games, and at the end of the season, you lift a trophy with your teammates. It's a beautiful feeling.
"When you score goals, when you win trophies, you just want more. I am proud to know I did a few good things for seven years in the Premier League.
"I just wanted to have fun on the pitch and entertain the fans who bought tickets or watched on TV. Being recognised in this way is special for me and my family.
"For a small Belgian guy from Braine-le-Comte playing for fun, being inducted into the Premier League Hall of Fame with these greats of the game at 34 years old is crazy. Thank you to all of you; I will see you soon, my friends!"
The Belgian played his football at Stamford Bridge from 2012 until 2019 and lifted two titles. Legendary manager Jose Mourinho also spoke on Hazard receiving such an honour, which only a limited number of people have been handed so far.
"Eden, many congratulations on joining the Premier League Hall of Fame.
"Everybody knows that you belong there. You are one of the most amazing players that I ever worked with, and of course you have to be there. You are in the Hall of Fame so now you stay in our memories - and by the way, thank you so much for helping me win my last Premier League title!"
The long list of inductees of players and managers includes:
David Beckham, Dennis Bergkamp, Eric Cantona, Thierry Henry, Roy Keane, Frank Lampard, Steven Gerrard, Alan Shearer, Sergio Aguero, Didier Drogba, Vincent Kompany, Wayne Rooney, Peter Schmeichel, Paul Scholes, Patrick Vieira, Ian Wright, Sir Alex Ferguson, Arsene Wenger, Tony Adams, Petr Cech, Rio Ferdinand, Ashely Cole, Andy Cole, John Terry and Gary Neville.