O'Neill made the announcement when officially opening the 11.2 kilometre four lane highway today.
He said it is fitting to rename the highway and recognise the leaders who have helped in developing our country.
"It is important we name such infrastructure to appreciate the leader's contributions and it is my pleasure to officially rename this highway to Sir Reuben Taureka Highway."
Sir Reuben was one of Papua New Guinea’s first medical doctors.
Sir Reuben’s first wife was a Fijian and they had five children. His eldest son is Isikeli Taureka, who is a vice-president of InterOil.
The elder statesman later married his current Central wife and they have three children.