The 51-year-old American is one of the sport's most successful trainers and is currently working with the likes of eight-division world champion Manny Pacquiao and British star Amir Khan.
Roach said: "I'd like to thank everyone, from the bottom of my heart, who voted for me and congratulate those inducted with me today [Tuesday].
"I started my career in professional boxing with Eddie Futch and now we will be together, forever, enshrined in the International Boxing Hall of Fame with the greatest legends of the sport. I am truly honoured and humbled."
Other living inductees in the class of 2012 include multi-division champion Thomas Hearns, two-division champion Mark Johnson, ring announcer Michael Buffer, broadcaster Al Bernstein and journalist Michael Katz.