The actors joined author Judy Blume, Frankie Valli and Bruce Springsteen for the event.
"He has Jersey attitude pouring out of him, even when he is standing still. (His) persona exemplifies what it means to be one of us," said The Boss about Devito.
The two then sang Glory Days in front of an audience that included Buzz Aldrin and Joe Pesci.
Even Jack was there - and it meant so much to him that he missed a Lakers game to attend!
"I could sing the praises of New Jersey all night," said Nicholson.
Past inductees include Springsteen, Toni Morrison and Harriet Tubman.
And coming soon…Snooki?!
[Image via Getty Images.]