The influence of static quadrupole and hexadecapole (positive & negative) deformation of targets are studied using eleven different versions of nuclear potentials. The height and position of the interaction barrier for the reactions induced by spherical projectile (16O) on the deformed targets such as 166Er, 154Sm and 176Yb have been estimated. It is found that the nucleus-nucleus potential strongly depends on the value of the deformation parameters and orientation of the target. The experimental fusion cross-section of the reactions 16O + 176Yb, 16O +166Er and 16O +154Sm are investigated by applyingWong’s formula using various parameterizations of the proximity potential as well as an assessment of the results of a multi-dimensional barrier penetration model (BPM). The fusion cross-sections by Prox 77, Prox 88, Prox 00, Prox 00DP, Denisov DP, Bass 80, CW 76 and AW 95 potentials are found to be better than the rest in comparison to experimental data.