The duo were part of the Australian team that won the World Amateur Championship in 2014, and make up a 60-strong field of women vying for gold in the 72 hole competition.
Lee, 20, who won her second LPGA Tour tournament in April in just her second year as a professional, is ranked No.14 in the world rankings.
“I can’t wait to represent Australia in the Olympics and think it is the highest honour that you can ever have,” she said.
“Just being among all the amazing athletes will be pretty cool and the atmosphere of the Olympics will be a special thing.”
Oh, also 20, has made a big impact on the LPGA Tour with a 2nd and an 8th place finish in the past couple of months.
“When my parents brought my big sister, my little brother and me to Australia when I was eight years old, I didn't even play golf,” she said.
“They could never in their wildest dreams have imagined one of us would represent Australia in the Olympic Games. It's a dream come true for my whole family.”
However, there was heartbreak for Australia’s best known female golfer Karrie Webb, who missed the cut.