Plaques will be embedded into the pavements of the newly-named Olympic Square to mark the achievements of athletes from the last two games.
Rower Laurence Whiteley, 25, was the latest to bring honour to the town, winning Paralympic gold in the mixed double sculls.
Last month, Zoe Lee was part of the team that won an historic Olympic silver in the Women’s Eight (W8+) - Britain’s first ever medal in the event.
In 2012, Nicola Wilson took silver for equestrian team eventing and Kat Copeland, from nearby Stokesley, won gold in the rowing.
Council leader, Coun Mark Robson, said: “We want them to know how proud the district is of them, of their hard work and determination to bring home the medals to Hambleton.”