Wood, who has 11 one-day international caps but missed the winter tour of India, is joined by fellow paceman Liam Plunkett who is yet to play for Yorkshire this season because of a calf injury.
A separate 14-man squad was named on Tuesday for two ODIs against Ireland next month with three players -- Jos Buttler, Ben Stokes and Chris Woakes -- not included because of their Indian Premier League commitments.
All three are in the Champions trophy squad.
Middlesex pace bowler Steven Finn made the squad for the Ireland games but is not included for the Champions Trophy which takes place in England and Wales in June.
Yorkshire all-rounder David Willey is in both squads having missed the West Indies series in March with a shoulder injury.
"We have made encouraging progress over the past 18 months in white ball cricket and the squads selected reflects consistency and gives options across all disciplines," National selector James Whitaker said in an England and Wales Cricket Board (ECB) statement.
"It is pleasing that Mark Wood and David Willey have returned to full fitness.
"They add variety and quality to our bowling strengths and David's ability as an attacking batsman is also an important element for us."
England face Ireland in Bristol on May 5 and at Lord's on May 7. They then play South Africa on May 24, 27 and 29.
England's first match in the eight-team Champions Trophy is against Bangladesh at the Oval on June 1.
Champions Trophy Squad: Eoin Morgan, Moeen Ali, Jonny Bairstow, Jake Ball, Sam Billings, Jos Buttler, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood
(Reporting by Martyn Herman; editing by Sudipto Ganguly)
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