The National Women's Hall of Fame inducts distinguished American women through a rigorous national honors selection process involving representatives of the nation's important organizations and areas of expertise. Nominees are selected on the basis of the changes they created that affect the social, economic or cultural aspects of society; the significant national or global impact and results of change due to their achievement; and the enduring value of their achievements or changes. Induction ceremonies are held every odd- numbered year in the fall, with the names of the women to be honored announced earlier in the spring, usually during March, Women's History Month.
The National Women's Hall of Fame was hosted by Eisenhower College until 1979, when the organization rented out a historic bank building in the Seneca Falls Historic District. The historic bank was renovated to house the NWHF's permanent exhibit, historical artifacts, and offices. In August 2020, the National Women's Hall of Fame opened its door to the third and final home: the historic Seneca Knitting Mill, which resides across the canal of the Women's Rights National Historical Park where 1848 Convention was held. The site is in view of the Wesleyan Chapel where the 1848 women's rights convention took place. This renovation and move into the historic Seneca Knitting Mill has taken several years to accomplish. In 2014 the organization's board undertook a $20 million capital campaign to fund the development of the 1844 Seneca Knitting Mill, which is associated with the abolitionist movement and with the birthplace of women's rights. The move and finalization of Phase 1 has currently doubled the size of the National Women's Hall of Fame. Currently, campaigning to work on Phase 2: a elevator, additional staircase, and other renovations is underway. Once the Homecoming Campaign is complete, the historic Seneca Knitting Mill will quadruple the available space to 16,000 square feet (1,500 m2), including exhibit space, offices, and meeting space for conferences, wedding receptions, and community events.