Oviedo fractured his tibia and fibula in an FA Cup tie against Stevenage in January.
The 24-year-old made good progress following surgery, raising hopes he could feature for his country in Brazil.
However, Oviedo has now revealed he will not be able to participate in the global showpiece.
In a message on his official Twitter account, he said: I just got the news. I gave my best, but I can not be at the World Cup. I know my team are going to do a great job. Thanks for the support!
Oviedo, a left-sided player comfortable at full-back and in midfield, will now focus on regaining full fitness ahead of the 2014-15 Premier League season.
Costa Rica face Uruguay, Italy and England in Group D at the World Cup.