"Although some weakening is expected the next couple of days, Lane is forecast to remain a dangerous hurricane as it draws closer to the Hawaiian Islands," it said.
The storm may bring torrential rain, with the potential for "major flash flooding, landslides and mudslides". Rainfall totals of 20 inches, or almost half a metre, are possible.
Lane may also generate surf heights reaching as much as 7.5 metres, with "the potential for significant damage to coastal properties and infrastructure, including roadways". Coastal evacuations are possible, the weather service said.
According to the Weather Underground website, "it's uncommon for a hurricane to draw close to the Hawaiian Islands, and even more rare for one to pose a direct landfall threat, much less a hurricane this strong".
"Only two hurricanes on record have struck the islands directly, both of them in Kauai: Category 1 Dot in 1959, and catastrophic Category 4 Iniki in 1992," the site said.
The northeast Pacific has been one of the more active basins for storm activity so far this year, with accumulated cyclone energy the third most on record, trailing only 1978 and 1992, according to Philip Klotzbach, a meteorologist with Colorado State University.
"The seriousness of the worst-case possibilities with Lane, and the rarity of the situation, call for an especially high level of preparation and vigilance among all Hawaiians," Weather Underground said, adding that the storm was heading towards "a potentially devastating encounter" with the state.
According to the US National Oceanic and Atmospheric Administration, very few hurricanes have made landfall in the Aloha State.
NOAA's historical hurricane tracks database shows only a handful of hurricanes have passed within a few hundred miles of the islands despite Hawaii's central position in the north Pacific.
The last hurricane to make landfall was Iniki, which battered the island of Kauai in 1992, while the Big Island has never been struck by a hurricane since modern weather records began, NOAA said.
"Forecasters are warning residents that even if Hawaii avoids a direct hit from Hurricane Lane, southern parts of the state may still face damaging impacts from the storm," the agency said.