Kumble is just the fourth Indian to be included in the elite group, joining Sunil Gavaskar, Kapil Dev and Bishan Bedi.
Australian legend Betty Wilson was also inducted into the ICC Hall of Fame today, along with Kumble.
"It's an honour to be inducted into the ICC Cricket Hall of Fame," Kumble said.
"Indeed, it will be a great moment of pride to receive it during the ICC Cricket World Cup 2015 at the Melbourne Cricket Ground I deem it as a great privilege to join the list of great cricketing luminaries," he added.
"Anil was an outstanding international cricketer, a very well-respected opponent, a great statesman for his country and a role model for millions of aspiring cricketers," said ICC Chief Executive David Richardson.
"He played hard but within the spirit of the game. His performance and record speak volumes for his tenacity, commitment, endurance and service to the game."
Alongside Kumble, Wilson becomes the second Australian woman in the Hall of Fame behind champion batter Belinda Clark.
Kumble and Wilson become the 77th and 78th inductees into the Hall of Fame.
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