The Class of 2020, unveiled on Thursday, January 16, 2020, will also include Steve Miller, Rick Nowels, and Motown icon William "Mickey" Stevenson.
In a statement issued to Variety, Hall of Fame chairman Nile Rodgers says, "I am very proud that we are recognising some of the culturally most important songwriters of all time and that the 2020 slate of inductees represents diversity and unity across genres, ethnicity and gender, writers who have enriched our lives and in their time literally transformed music and helped make it what it is today."
The news of Carey's induction emerges two years after she paid tribute to 2018 honouree and her frequent collaborator, Jermaine Dupri, at the annual ceremony, and joked about her omission from the Hall of Fame.
"Although I am not being inducted this evening - I'll shed a tear and move on!" she quipped.
However, Carey, who was previously shortlisted for consideration last year 2019, will now be joining Dupri in the institution, and she is overjoyed by the recognition.
"I can't believe it... The SONGWRITERS HALL OF FAME!!!!" she shares on Instagram.
"This is truly one of the greatest honors of my career. I'm so proud and humbled to be in the company of such legendary songwriters - both previously inducted as well as the incredible class of 2020! @songwritershof."
The Class of 2020 will be celebrated at an event in New York on June 11.
Songwriters are only eligible for induction 20 years after scoring their first hit.