Irfan Mohammad, who had fractured his hip during Pakistan's series against South Africa last year, has been ruled out of both tournaments due to the recurrence of the injury.
Opener Fawad Alam, who had last played an ODI in September 2010, and paceman Mohammad Talha, were recalled to the ODI squad for the Asia Cup.
Wicketkeeper batsman Kamran Akmal, who had last played a T20I for Pakistan in March last year, was given another chance in the shortest format. Shoaib Malik was also named in the World Twenty20 squad after missing the South Africa tour due to injury last year.
Asad Shafiq and Haris Sohail, both, were dropped from the ODI side.
The Asia Cup will be held in Bangladesh between February 25 and March 8, while the World T20 will also be played in Bangladesh, between March 16 and April 6.
The players of the Asia Cup squad will assemble at Gaddafi Stadium in Lahore for a four-day training camp starting February 18.
ACC Asia Cup: Misbah-ul-Haq (capt), Mohammad Hafeez, Ahmed Shehzad, Sharjeel Khan, Shahid Afridi, Umar Akmal, Sohaib Maqsood, Fawad Alam, Saeed Ajmal, Abdul Rehman, Junaid Khan, Umar Gul, Anwar Ali, Bilawal Bhatti, Mohammad Talha.
ICC World Twenty20: Mohammad Hafeez (capt), Shahid Afridi, Shoaib Malik, Saeed Ajmal, Umar Gul, Sharjeel Khan, Sohaib Maqsood, Junaid Khan, Bilawal Bhatti, Sohail Tanvir, Umar Akmal, Zulfiqar Babar, Mohammad Talha, Kamran Akmal, Ahmed Shehzad.