Limited-overs captain Eoin Morgan was appointed a CBE, Ben Stokes an OBE, Jos Buttler and Joe Root MBEs, while former coach Trevor Bayliss was named as an OBE as well.
CBE is the highest-ranking Order of the British Empire award, and stands for Commander of the Order of the British Empire, followed by Order of the British Empire (OBE), and Member of the British Empire (MBE).
Apart from the five aforementioned names, England and Wales Cricket Board chairman Colin Graves was also honoured with a CBE award.
"We're delighted that so many of the players involved in our historic ICC Men's Cricket World Cup win have been named in the New Year Honours list," said ECB chief executive Tom Harrison.
England's dream run in white-ball cricket over the last couple of years culminated in their first men's 50-over World Cup trophy this summer, under the stewardship of Morgan. The hero of the final was Stokes, who was also declared BBC's Sport Personality of the Year earlier this month. Much of their resurgence can be attributed to head coach Bayliss, who played a key role between 2015 and 2019 to change the face of England's limited-overs sides. England's national cricket team were also awarded Sports Team of the Year by the BBC.
"Everyone who works in the game is incredibly proud of Eoin, Ben, Joe and Jos. I'm very pleased, as well, that Trevor Bayliss and Colin Graves have also been recognised," said Harrison.
I see this honour - and the honours for my teammates - as honours for the whole team.
"Special days like the one at Lord's involve a lot of work that goes unseen, but they have each made a big contribution to the continuing growth of the sport that we all love."
Morgan, who lifted the trophy, after England trumped New Zealand by virtue of a superior boundary count, following a thrilling Super Over, also expressed his happiness.
"I’m very proud to have been awarded a CBE," he said. "Winning the World Cup has been a dream come true, and the honours and awards that have come since that day at Lord’s really mean a lot to everyone connected with the team.
"The events of that day at Lord’s were the result of many years of hard work and dedication, and I see this honour - and the honours for my teammates - as honours for the whole team, for everything they put into winning that tournament and getting over the line."
A few other eminent cricketers were also honoured, including former England wicket-keeper Alan Knott, who received an MBE, while West Indian legend Clive Lloyd, who lifted the trophy at the first-ever men's World Cup, in 1975, was knighted.