The Chelsea striker has not received a call-up since the 2013 FIFA Confederations Cup, where he scored five goals as Spain were beaten in the final by World Cup hosts Brazil.
Torres endured a disappointing 2013-14 season for Chelsea, scoring just 11 goals in all competitions.
However, Spain coach Vicente del Bosque has shown faith in the 30-year-old as the holders look to retain the trophy they won for the first time in South Africa in 2010.
Meanwhile, uncapped Manchester United goalkeeper David de Gea has been selected as the third goalkeeper ahead of Real Madrids Diego Lopez.
Reals Dani Carvajal could be in line to earn his first cap at the tournament, earning a reward after firmly establishing himself in the first team at the Bernabeu.
However, club-mates Isco and Alvaro Arbeloa have both been left out, with the latter omitted despite his extensive experience at international level.
Right-back Arbeloa has 56 senior caps in his career, but Atletico Madrids Juanfran and Chelseas Cesar Azpilicueta - who have just 11 caps between them - are included ahead of him.
Spain will start the bid to defend their title against the Netherlands on June 13 in Salvador, before taking on fellow Group B contenders Chile and Australia.
Squad in full:
Goalkeepers: Iker Casillas (Real Madrid), David de Gea (Manchester United)Pepe Reina (Napoli)
Defenders: Jordi Alba (Barcelona), Raul Albiol (Napoli), Cesar Azpilicueta (Chelsea), Daniel Carvajal (Real Madrid), Juanfran (Atletico Madrid), Alberto Moreno (Sevilla), Gerard Pique (Barcelona), Sergio Ramos (Real Madrid)
Midfielders: Thiago Alcantara (Bayern Munich), Xabi Alonso (Real Madrid), Sergio Busquets (Barcelona), Santi Cazorla (Arsenal), Cesc Fabregas (Barcelona), Andres Iniesta (Barcelona), Ander Iturraspe (Athletic Bilbao), Koke (Atletico Madrid), Javi Martinez (Bayern Munich), Juan Mata (Chelsea), Jesus Navas (Manchester City), Pedro (Barcelona), David Silva (Manchester City), Xavi (Barcelona)
Forwards: Diego Costa (Atletico Madrid), Fernando Llorente (Juventus), Alvaro Negredo (Manchester City), Fernando Torres (Chelsea), David Villa (Atletico Madrid)