Montgomerie won 31 times on the European Tour and had nine other titles in various events around the world. He didn't win a major tournament but was second five times and had five other Top 10 finishes.
He won the European Tour Order of Merit a record eight times and had a 20-9-7 record -- 6-0-2 in singles -- in Ryder Cup play.
"While my eight Order of Merit wins were very special, as everyone knows my Ryder Cup experiences have provided the very best moments in my career and receiving this great honor is the icing on the cake," Montgomerie said of the hall of fame induction.
Schofield, selected in the Lifetime Achievement Category, was executive director of the European Tour from 1975-2004. The tour grew from 17 events when he took the position to 45 tournaments in his final year.
Montgomerie, elected through the international ballot, and Schofield join Fred Couples, Ken Venturi and Willie Park, Jr. as the class of 2013 for the World Golf Hall of Fame. They are to be inducted May 6 during The Players Championship in St. Augustine, Fla.