Cable has also been stripped of his status as an Australian football legend by the AFL.
A judge presiding over a District Court of Western Australia civil trial found Cable repeatedly sexually abused a Perth girl at the height of his playing career.
Judge Mark Herron said there was also compelling evidence Cable violated other children.
AFL Commission chairman Richard Goyder on Tuesday said Cable would be immediately removed from the sport's Hall of Fame and no longer be designated as one of the game's official Legends.
"The finding of Judge Herron was incredibly serious and distressing," Goyder said in a statement.
"The thoughts of the AFL Commission are entirely with the victim who bravely told her story and the other women who courageously came forward during the course of the trial to tell their stories.
"Once the court ruling was handed down it was incumbent on the commission and the game to immediately examine the facts of this matter.
"And the horrific nature of these events required that Barry Cable can no longer be considered for any honours that the Hall of Fame or football can bestow."
The AFL Commission recently introduced rules allowing for the removal of any person for conduct which brought the game into disrepute.
"As a result, the commission unanimously resolved today to remove Barry Cable from the Australian Football Hall of Fame, effective immediately," Goyder said.
After the civil trial verdict, WA's Institute of Sport revoked Cable's Hall of Champions Honours and the WA Football Commission removed his WA football Hall of Fame membership, Legend status and life membership.
Cable, a North Melbourne (VFL), Perth and East Perth (both WAFL) premiership player, was inducted into the Australian Rules Hall of Fame in 1996 and upgraded to official Legend status in 2012.
At the civil trial, Cable's victim was awarded $818,700 after Judge Herron found Cable abused her over five years from 1968, starting from when she was aged 12
Judge Herron found Cable groomed his victim, who used to babysit his infant son, with sexualised conversations and unwanted touching before escalating to almost-weekly sexual assaults.
He assaulted the girl at a public swimming pool, the Perth Football Club change rooms and at his home while her younger sister slept nearby.
On multiple occasions, Cable threatened to sexually abuse the younger sister if his victim did not comply with his demands, Judge Herron found.
1800 RESPECT (1800 737 732)
National Sexual Abuse and Redress Support Service 1800 211 028
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