The 37-strong party was unveiled live on Sky Sports News by Tour Manager Andy Irvine and Head Coach Warren Gatland.
The squad for the 10-match, three-Test series is made up of 15 Welshmen, 10 Englishmen, nine Irishmen and three Scotsmen and will be captained by Wales' Sam Warburton.
Andy Irvine said: "The announcement of a British & Irish Lions party is always a much anticipated and exciting event. Selection for The Lions is the ultimate accolade and it is a great honour for all the players - they should be congratulated along with their clubs, provinces, regions and unions.
We are fortunate to select from the very best of four nations and there will be some quality players who have sadly not made selection and will rightly feel disappointed."
Warren Gatland said: "We spent a long time selecting this squad and there were some close calls with a lot of competition for places. But ultimately we chose the players who will give us the best chance of a Test series victory. A Lions Tour to Australia only comes around once every 12 years and we believe we have the right balance in the squad to be successful.
"We have a tremendous challenge in front of us but I know the players will be dedicated to the adventure and task ahead."
Fullbacks: Leigh Halfpenny (Wales, Cardiff Blues), Stuart Hogg (Scotland, Glasgow Warriors), Rob Kearney (Ireland, Leinster)
Wings: Tommy Bowe (Ireland, Ulster), Alex Cuthbert (Wales, Cardiff Blues), Sean Maitland (Scotland, Glasgow Warriors), George North (Wales, Scarlets)
Centres: Jonathan Davies (Wales, Scarlets), Brian O'Driscoll (Ireland, Leinster), Jamie Roberts (Wales, Cardiff Blues), Manusamoa Tuilagi (England, Leicester Tigers)
Outside halves: Owen Farrell (England, Saracens), Jonathan Sexton (Ireland, Leinster)
Scrum halves: Conor Murray (Ireland, Munster), Mike Phillips (Wales, Bayonne), Ben Youngs (England, Leicester Tigers)
Props: Dan Cole (England, Leicester Tigers), Cian Healy (Ireland, Leinster), Gethin Jenkins (Wales, Toulon), Adam Jones (Wales, Ospreys), Matt Stevens (England, Saracens), Mako Vunipola (England, Saracens)
Hookers: Dylan Hartley (England, Northampton Saints), Richard Hibbard (Wales, Ospreys), Tom Youngs (England, Leicester Tigers)
Locks: Ian Evans (Wales, Ospreys), Richie Gray (Scotland, Sale Sharks), Alun Wyn Jones (Wales, Ospreys), Paul O'Connell (Ireland, Munster), Geoff Parling (England, Leicester Tigers)
Back rows: Tom Croft (England, Leicester Tigers), Toby Faletau (Wales, Newport Gwent Dragons), Jamie Heaslip (Ireland, Leinster), Dan Lydiate (Wales, Newport Gwent Dragons), Sean O'Brien (Ireland, Leinster), Justin Tipuric (Wales, Ospreys), Sam Warburton (Wales, Cardiff Blues)
