Drivers Tim Flock, Jack Ingram and Glenn "Fireball" Roberts will also be a part of the 2014 class, the fifth group to go into the Hall of Fame.
The inductees were announced by NASCAR Chairman and CEO Brian France. They were selected by a 54-member panel. The induction ceremony will be held Jan. 29.
Jarrett won the series title in 1999 and was a three-time winner of the Daytona 500. Jarrett's father, Ned, was a two-time series champion and is also a Hall of Fame member.
Petty, the chief engine builder at Petty Enterprises, becomes the fourth member of the famed racing family to be elected.