However, Indian off-spinner Ravichandran Ashwin has been named as the 12th man in the Test team.
The teams were chosen by a specially appointed selection panel chaired by the ICC's Cricket Committee chairman and former India captain, Anil Kumble.
The qualification period ran from September 18, 2014 to September 13, 2015 and the selection panel included past greats of the game -- former West Indies fast bowler Ian Bishop, ex-England batsman Mark Butcher, former Australia women's captain Belinda Clark and G Viswanath, Deputy Editor of The Hindu & Sportstar.
Alastair Cook has been named as captain of the side that includes three English cricketers in Stuart Broad and Joe Root. This is the fifth time since 2009 that Broad has been selected in the ICC Test Team of the Year having previously been included in 2009, 2011, 2012 and 2014.
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For Cook, this is his fourth selection and his second as captain having achieved that feat in 2013.
Steven Smith is one of three Australian players selected alongside opener David Warner, for the second successive year, and pace bowler Josh Hazlewood.
New Zealand duo Trent Boult and Kane Williamson make up the starting team.
South Africa's AB de Villiers, meanwhile, has been selected in the ODI Team of the Year for the fourth time in five years and for the first time as captain.
He is one of three Proteas players selected alongside Hashim Amla (also selected in 2013) and Imran Tahir.
Smith earned his inaugural ODI nomination after playing a leading role in helping Australia seal their fifth ICC Cricket World Cup and is named alongside the Player of the Tournament -- Mitchell Starc.
India pacer Mohammed Shami, who made the 2014 team, has been included in the ODI side.
Bangladesh's 20-year-old left-arm pace bowler Mustafizur Rahman, who burst on to the scene over the last year, has become the first ever player from his country to make the ODI Team of the Year (Shakib Al Hasan having been previously named in the 2009 Test Team of the Year), which is indicative of Bangladesh's progress over the last 18 months.
"I would like to congratulate all the players for their selection in the Test and ODI teams of the year. It is an achievement for each of them to be proud of and a recognition for their good performances in the qualifying period," Kumble said.
"Testament to the quality of cricket played is the calibre of players to have missed out on selection. While selecting these squads, the selectors considered various combinations and took into account several factors in overall performances. Congratulations to all of the players on their selections," he added.
ICC ODI Team of the Year 2015 (in batting order): Tillakaratne Dilshan (SL), Hashim Amla (SA), Kumar Sangakkara (SL) (wicketkeeper), AB de Villiers (SA) (captain), Steven Smith (Aus), Ross Taylor (NZ), Trent Boult (NZ), Mohammed Shami (Ind), Mitchell Starc (Aus), Mustafizur Rahman (Bang), Imran Tahir (SA). 12th: Joe Root (Eng).