The toys join the honored ranks of checkers, Barbie, Lincoln Logs, roller skates and other classic children's items in the Hall of Fame.
"We feel really good about this year's inductees," Nicholas Ricketts, a curator at the museum told ABC News. "One's a boy's toy. One's a girl's toy. And both meet our criteria really well. They have longevity and some real educational and quality play values, too."
Lionel Trains hit the market around the turn of the 20th century as one of the earliest playthings to incorporate electricity. Easy-Bake Ovens, which were created in the 1960s, are still sold to U.S. customers seeking to cook small items with the use of a light bulb.
Finalists that didn't make the cut this year included the Atari video game system, the rubber duck and the game Twister.
Celebrity Breakups and divorces of 2014 [PHOTOS]