The Rock Hall also announced that Linda Ronstadt, Peter Gabriel and Cat Stevens will be inducted April 10 at Barclays Center in Brooklyn.
This year marked first-time nominations for Hall & Oates, Gabriel and Ronstadt. Kiss and Stevens, who have been nominated in the past, made the cut after being absent from the list for several years.
Artists are eligible for induction 25 years after their first release. Nirvana received a nomination in its first year of eligibility, and next year the band will celebrate the 25th anniversary of its debut, "Bleach."
The induction comes 20 years after frontman Kurt Cobain committed suicide at age 27.
"Thank you most of all to Kurt Cobain," bassist Krist Novoselic said in the statement issued on behalf of Nirvana. "And to everyone who's kept rock music going strong for 60 years and counting."
Singer/guitarist Paul Stanley, who with bassist Gene Simmons has anchored Kiss' changing lineup for 40 years, said the band never cared when critics slammed them.
"For 40 years, Kiss has built an army that apologizes to no one, and I'm honored to be inducted into the Rock and Roll Hall of Fame knowing we have remained true to ourselves and our fans," Stanley said.
Also at the April ceremony, Andrew Loog Oldham and Brian Epstein, managers for The Rolling Stones, will receive Ahmet Ertegun awards, a non-performing honor. Bruce Springsteen's E Street Band will get the award for musical excellence.
More than 700 Rock Hall voters determined the 2014 class.
The 29th annual Rock and Roll Hall of Fame Induction Ceremony will be open to the public. Tickets go on sale next month.
The Associated Press contributed to this report.