Former captain Smith, 29, and Warner, 32, have not played international cricket since their ban following a ball-tampering incident in Cape Town in March 2018. Though Australia have played ODIs since their ban ended, the duo were absent playing in the Indian Premier League.
Fast bowler Josh Hazlewood was not selected in the squad, as he continues to work his way back to fitness having picked up a back stress fracture in the Test series against India in January.
Australia have named two spinners in the squad in Adam Zampa and Nathan Lyon alongside a five-strong pace arsenal of Mitchell Starc, Pat Cummins, Jason Behrendorff, Jhye Richardson and Nathan Coulter-Nile. Starc and Richardson's involvement, however, will be subject to fitness as they recover from injuries.
Glenn Maxwell and Marcus Stoinis make up the all-rounders and Alex Carey is in as the lone wicket-keeper, while Shaun Marsh, Usman Khawaja and captain Aaron Finch complete the 15.
Khawaja and Finch have formed a formidable opening partnership in Warner's absence, with the latter averaging 112.75 with two half-centuries and two tons in the recently concluded five-match ODI series against Pakistan in the United Arab Emirates (UAE).
Peter Handscomb was omitted despite having played each game in both of Australia's recent series against India and Pakistan, and 26-year old all-rounder Ashton Turner has also missed out on squad, having made his ODI debut in March.
“Given the depth of talent and competition for spots there were a number of tough calls we had to make to settle on our squad of 15," said Trevor Hohns, the chairman of selectors. “Unfortunately, from the recent squad which toured India and the UAE, Peter Handscomb, Ashton Turner and Kane Richardson have made way for the above inclusions [Smith, Warner and Starc], but all three have been included in the Australia A squad for the tour of England.
“Josh Hazlewood has also been named in the Australia A squad. Having not played at the highest level for some time, we feel this will provide him with the best preparation to get some quality cricket under his belt. Our focus is to have Josh back bowling at his best for the commencement of a big Ashes Tour.”
The 14-member Australia A one-day squad will play against county teams in England while the World Cup is underway and can provide match-ready back-ups should the main squad be hit by injury.
CWC squad: Aaron Finch (capt), David Warner, Usman Khawaja, Steve Smith, Shaun Marsh, Alex Carey, Marcus Stoinis, Glenn Maxwell, Mitchell Starc, Jhye Richardson, Pat Cummins, Jason Behrendorff, Nathan Coulter-Nile, Adam Zampa, Nathan Lyon
Australia A one-day squad: Travis Head (c), Matthew Wade, Will Pucovski, Peter Handscomb, Ashton Turner, Mitch Marsh (vc), D’Arcy Short, Kurtis Patterson, Ashton Agar, Michael Neser, James Pattinson, Josh Hazlewood (vc), Kane Richardson, Sean Abbott