Duran, who was given the nickname "Hands of Stone," was known for his relentless style in the ring. He had a 103-16 record with 70 knockouts.
Whitaker, a southpaw, was called one of the best pound-for-pound boxers ever. He won a gold medal at the 1984 Olympics, and then went 40-4-1 with 17 knockouts in his professional career.
He was a light-weight champion and held titles in three other divisions before retiring in 2001.
Among others highlighting the 2007 class are two-division champion Ricardo "Finito" Lopez, trainer Amilcar Brusa, administrator Jose Sulaiman and artist Leroy Neiman.
Honored posthumously were heavy-weight George Godfrey, light-weight Pedro Montanez and, in the Observer Category, newspaper cartoonist Tad Dorgan.
Inductees were voted in by members of the Boxing Writers Association and a panel of international boxing historians.