Real Madrid midfielder Federico Valverde and Liverpool striker Darwin Nunez are two other star names in the squad.
Suarez and Cavani, both 35, are the top two scorers in the Celeste's history with respectively 68 and 58 goals.
Each has played more than 130 times for their country.
Three more veterans, center-back Diego Godin, 36, full-back Martin Caceres, 35, and goalkeeper Fernando Muslera, 36, have also been picked for a fourth World Cup.
All five were part of the Uruguay squad that reached the semi-finals in South Africa in 2010.
Manchester United winger Facundo Pellistri is included despite not playing a single senior match this season. In fact, in more than two years since joining the 20-time English champions, Pellistri is still to make his debut, having spent a year-and-a-half on loan at Spanish club Alaves.
Winners in 1930 and 1950, Uruguay are in Group H alongside South Korea, Portugal and Ghana.
The Celeste controversially eliminated Ghana in the quarter-finals in 2010 after Suarez was red-carded for batting away a certain goal on the line, with Asamoah Gyan missing the subsequent last-gasp spot-kick that would have sent the Africans to the semi-finals.
Goalkeepers: Sergio Rochet (Nacional), Fernando Muslera (Galatasaray), Sebastian Sosa (Independiente)
Defenders: Jose Luis Rodriguez (Nacional), Guillermo Varela (Flamengo), Ronald Araujo (Barcelona), Jose Maria Gimenez (Atletico Madrid), Sebastian Coates (Sporting Lisbon), Diego Godin (Velez Sarsfield), Martin Caceres (Los Angeles Galaxy), Matias Vina (Roma), Mathias Olivera (Napolei)
Midfielders: Matias Vecino (Lazio), Rodrigo Bentancur (Tottenham), Federico Valverde (Real Madrid), Lucas Torreira (Galatasaray), Manuel Ugarte (Sporting Lisbon), Facundo Pellistri (Manchester United), Nicolas De la Cruz (River Plate), Giorgian de Arrascaeta (Flamengo), Agustín Canobbio (Athletico Paranaense), Facundo Torres (Orlando City)
Forwards: Darwin Nunez (Liverpool), Luis Suarez (Nacional), Edinson Cavani (Valencia), Maximiliano Gomez (Trabzonspor)