Inductees are chosen from across New Zealand's thoroughbred history and industry in two categories:

• Horses
• People

The Selection Committee - made up of recognised journalists, historians, and industry professionals - use set criteria to prioritise and select outstanding contributions to New Zealand thoroughbred racing that need to be recognised.

The objectives of the New Zealand Racing Hall of Fame are:

• To recognise and honour those whose achievements have enriched the New Zealand thoroughbred industry.
• To increase national and international interest and participation in New Zealand racing.
• To develop a prestigious event that has unique appeal to the general public as well as racing enthusiasts.
• To enhance the image and brand of the New Zealand Racing Hall of Fame event.

Induction into the New Zealand Racing Hall of Fame is considered a prestigious honor, reserved for individuals and horses who have achieved remarkable success and left a lasting legacy. The Hall of Fame highlights their exceptional performances, records, and contributions to the sport of horse racing.

The New Zealand Racing Hall of Fame serves as a platform to preserve the rich history of horse racing in New Zealand and to inspire future generations. It showcases the outstanding talents and accomplishments of individuals and horses who have made significant contributions to the sport, fostering an appreciation for their enduring legacy.