Barkley joins Leighton Baines and Phil Jagielka in the full squad while Stones is one of seven players on stand-by. The final squad will be confirmed on June 2 before the team flies to America to step-up their preparations for the World Cup in Brazil.
Even if Stones does not make it to South America this is still recognition of his remarkable progress this season which has seen the 19-year-old establish himself in the Everton first-team.
Just 12-months ago Stones had yet to make a senior appearance for the club since joining from Barnsley in January while Barkley had spent much of the season on-loan at Sheffield Wednesday and later Leeds.
Their inclusion highlights Hodgson's desire to look at the new generation of English talent, with the ill-fated 'golden generation' fading from the international picture.
Should Stones make the final 23 - and a lot could rest on injuries to other players - that would represent the first time Everton have had four representatives in an England World Cup squad since 1986 in Mexico, when Gary Lineker, Gary Stevens, Trevor Steven and Peter Reid wore the Three Lions.
It would be yet another sign of the progress the squad is making and reward for the faith manager Roberto Martinez has shown in his young players.
It is also a positive sign for both the current squad and potential signings that Everton is a place where you can fulfill your ambitions and develop as a footballer.
That can only be a good thing as the club looks to build on a hugely impressive 2013/14 Premier League campaign.
England squad for the 2014 World Cup:
Full squad: Joe Hart (Man City), Ben Foster (West Brom), Frasier Forster; Glen Johnson (Liverpool), Phil Jones (Man Utd), Phil Jagielka (Everton), Gary Cahill (Chelsea), Chris Smalling (Man Utd), Leighton Baines (Everton), Luke Shaw Southampton; Alex Oxlaide-Chamberlain (Arsenal), Jack Wilshere (Arsenal), Jordan Henderson (Liverpool), Adam Lallana (Southampton), Raheem Sterling (Liverpool), Steven Gerrard (Liverpool), Frank Lampard (Chelsea), James Milner (Manchester City), Ross Barkley (Everton); Wayne Rooney (Man Utd), Daniel Sturridge (Liverpool), Danny Welbeck (Man Utd), Rickie Lambert (Southampton)