Starc was forced to pull out midway through the India tour last month with a fractured foot while Lynn has been sidelined with a shoulder injury during the Indian Premier League.
Both are expected to be fit for Australia's opener on June 2 against New Zealand.
"Our medical staff will continue to monitor Mitchell and Chris’s recovery from their respective injuries but we are hopeful they will be fit in time for the team’s departure on May 18,” selector Trevor Hohns said in a media release.
James Faulkner, man-of-the-match in the 2015 World Cup final against New Zealand, has been omitted from the 15-man squad named on Thursday, with selectors opting for all-rounders Moises Henriques, Glenn Maxwell and Marcus Stoinis.
Young fast bowler Pat Cummins and James Pattinson, on the comeback trail after suffering stress fractures in his back, were included in an imposing pace battery along with Josh Hazlewood and John Hastings.
"Both James and John have made very good returns from injury and are bowling well for their respective teams in the English county competition as well as both contributing well with the bat," Hohns said.
"When you also add Mitchell Starc, Josh Hazlewood and Pat Cummins to the fast bowling artillery it becomes a very exciting proposition for Australian cricket."
Legspinner Adam Zampa is the sole specialist spinner in the squad, while batsmen Usman Khawaja, George Bailey and Peter Handscomb have missed out.
World champions Australia, who lost their top ranking to South Africa earlier this year, will bid for their third win in the quadrennial one-day international tournament after back-to-back triumphs in 2006 and 2009.
Squad:
Steve Smith (captain), David Warner, Pat Cummins, Aaron Finch, John Hastings, Josh Hazlewood, Travis Head, Moises Henriques, Chris Lynn, Glenn Maxwell, James Pattinson, Mitchell Starc, Marcus Stoinis, Matthew Wade, Adam Zampa
(Reporting by Ian Ransom; Editing by Amlan Chakraborty/Peter Rutherford)
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