The Manchester City duo have been recognised for their outstanding performances which helped England reach the final of the competition for the first time in their history.
It was a fantastic campaign for Sterling, who proved to be the Three Lions' talisman with several match-winning displays.
The 26-year-old started every match, scoring three times and providing one assist, which included the decisive strikes in the group stage triumphs over Croatia and the Czech Republic.
His fine form continued in the knockout rounds, when he was on target in the famous victory over Germany and he also shone as England beat Ukraine and Denmark to progress to the final.
At the other end of the pitch, Walker proved equally influential in a watertight England defence that conceded the fewest goals at the tournament.
The 31-year-old started six games and impressed in both his preferred right-back role and as a right-sided centre-back in a three-man defence.
He led the team for ball recoveries and his superb performance against Denmark in the semi-final was a reminder of his world class status in defending against the counter-attack.
The all-star team was picked by a panel of UEFA Technical Observers and included five representatives from champions Italy, with Sterling and Walker named alongside England colleague Harry Maguire.
Everyone at Manchester City is proud of Raheem and Kyle’s achievements and congratulates them on this well deserved recognition.
Team of the Tournament
Gianluigi Donnarumma (Italy), Kyle Walker (England), Leonardo Bonucci (Italy), Harry Maguire (England), Leonardo Spinazzola (Italy), Jorginho (Italy), Pierre-Emile Hojbjerg (Denmark), Pedri (Spain), Federico Chiesa (Italy), Romelu Lukaku (Belgium), Raheem Sterling (England).