After fellow greats Sachin Tendulkar, Rahul Dravid, Sourav Ganguly and Zaheer Khan, Laxmann is the fifth Indian to receive the honour.
"It's an absolute honour to become a member at such a prestigious and historic cricket club. I have always admired the rich heritage the Club stands for and I look forward to being a part of the incredible culture of the Club," Laxman was quoted as saying by Crizbuzz.
John Stephenson, MCC Assistant Secretary (Cricket) said: "It's a pleasure to welcome VVS Laxman as an Honorary Life Member of the Club.He was a wonderfully talented batsman and a fantastic servant to cricket in India, making him fully deserving of this honour. It was always a joy to watch him when he played here and we look forward to him returning to Lord's as an MCC Member."
Laxman donned the India jersey for 16 long years, featuring in as many as 134 Tests and 86 One Day Internationals (ODIs).
Laxman scored 8,781 Test runs at an average of 45.97 and 2338 ODI runs at 30.76.