The duo join Bulls teammates Usman Khawaja and Marnus Labuschagne who retain their positions in the 13-man squad having played against India in Sydney last week.
The four Queenslanders will take on Sri Lanka in a two-Test series, kicking off in Brisbane on January 24 when the Gabba hosts the summer's only day-night Test.
Burns will also captain a Cricket Australia XI against Sri Lanka in a pink ball tour game in Hobart from January 17-19, with Labuschagne and Renshaw to also play as they prepare for their home Test.
Speaking on the squad, National Selector Trevor Hohns said:
“There is no doubt the India series produced some disappointing results and we have now reviewed the squad ahead of the series against Sri Lanka,” Hohns said.
“Joe Burns has had strong performances in first-class cricket this season, and we believe he can contribute strongly if given the chance in the series.
“Matt Renshaw is a player with the ability to make big scores, and at 22 years old has 10 first-class centuries. He also performed extremely well in England during the County season. We see him as a long-term prospect as a Test player and have confidence in his ability to bounce back following a string of low scores early in the Shield season."
Australia Men’s Test Squad
Tim Paine (c) – Tasmania
Josh Hazlewood (vc) – New South Wales
Joe Burns – Queensland
Pat Cummins – New South Wales
Marcus Harris – Victoria
Travis Head – South Australia
Usman Khawaja – Queensland
Marnus Labuschagne – Queensland
Nathan Lyon – New South Wales
Will Pucovski – Victoria
Matt Renshaw - Queensland
Mitchell Starc – New South Wales
Peter Siddle - Victoria
CA XI Tour Match
CA XI v Sri Lanka
17 – 19 January
Blundstone Arena, Hobart
Domain Test Series v Sri Lanka
First Test - Day-Night
The Gabba, Brisbane
24-28 January 2019
*Tickets available at Ticketek.
Manuka Oval, Canberra
1-5 February 2019