Two-time champions Australia are in Group A with Bangladesh, England and New Zealand. The 50-over tournament will be played from June 1 to 18.
Speaking on the make-up of the squad, National Selector Trevor Hohns said: "We have selected a very exciting well balanced squad that will give us plenty of options with both batting and bowling, depending on the conditions.
"We are in a very fortunate position at the moment with a large number of quality players available for selection, as such this was a very difficult team to choose and there have been some unlucky players on this occasion."
Returning to the one-day international squad following a lay-off with injury are Victorian fast bowlers James Pattinson 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.
"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."
Both Starc and Queensland batsman Chris Lynn have been named in the squad as they make their return from injury.
"Our medical staff will continue to monitor Mitchell and Chris' recovery from their respective injuries but we are hopeful they will be fit in time for the team's departure on May 18."
New South Wales batting all-rounder Moises Henriques has been recalled to the side having last played for the national one-day squad against Sri Lanka in August last year.
Tasmanian all-rounder James Faulkner has been omitted from the side.
Those players that are in Australia will depart for England on 18 May with the remaining players in the Indian Premier League (IPL) to join as their teams finish in the tournament.
Australia squad: Steve Smith (captain), David Warner (vice-captain), Pat Cummins, Aaron Finch, John Hastings, Josh Hazlewood, Travis Head, Moises Henriques, Chris Lynn, Glenn Maxwell, James Pattinson, Mitchell Starc, Marcus Stoinis, Matthew Wade (wicketkeeper), Adam Zampa.