In the backs Leigh Halfpenny, Alex Cuthbert, George North, Jonathan Davies and Jonathan Sexton all make their Lions Test debuts, while experience is provided by Brian O'Driscoll and Mike Philips, who have nine Lions Tests between them.
The forward pack contains a wealth of Lions Test experience with Jamie Heaslip, Tom Croft, Paul O'Connell, Alun Wyn Jones and Adam Jones sharing 17 Tests.
Loose-head prop Alex Corbisiero, who joined the tour as a replacement, also makes his debut along with Warburton and hooker Tom Youngs.
British & Irish Lions Tour Manager Andy Irvine said: "We are now at the business end of the tour. You can feel the excitement and commitment within the squad now that we are back in Brisbane and the 1st Test is just days away.
"I congratulate all the players who are making their Lions Test debut on Saturday. Playing against the Wallabies for the Lions is a major milestone in a player's career and I am confident they will all uphold the history and tradition of the Lions by giving their all."
Head Coach Warren Gatland said: "After six matches we have arrived at the 1st Test and have selected our strongest possible side with only Jamie Roberts,Tommy Bowe and Manu Tuilagi unavailable for selection.
"The Wallabies at home pose a huge challenge but the Test team contains 20 of the players that played against the Waratahs in what was our best match to date. We now have a couple of more days of match preparation to ensure we improve again on that performance."
Meanwhile, Robbie Deans has named three debutants in his Australia side to face the Lions.
Former rugby league international Israel Folau starts on the wing with Christian Leali'ifano and Ben Mowen also featuring in a Wallaby shirt for the first time.
James O'Connor starts at fly-half for only the second time in a Test match, his only previous outing in the pivotal position coming against Wales.
Kurtley Beale, who scored a last minute try against Wales at the Millennium Stadium in December, has to settle for a place on the bench after receiving treatment for alcohol-related problems.
British & Irish Lions: 15 Leigh Halfpenny (Cardiff Blues/Wales); 14 Alex Cuthbert (Cardiff Blues/Wales), 13 Brian O'Driscoll (Leinster/Ireland), 12 Jonathan Davies (Scarlets/Wales), 11 George North (Scarlets/Wales); 10 Jonathan Sexton (Leinster/Ireland), 9 Mike Phillips (Bayonne/Wales); 1 Alex Corbisiero (London Irish/England), 2 Tom Youngs (Leicester Tigers/England), 3 Adam Jones (Ospreys/Wales), 4 Alun Wyn Jones (Ospreys/Wales), 5 Paul O'Connell (Munster/Ireland) 6 Tom Croft, (Leicester Tigers/England) 7 Sam Warburton (Cardiff Blues/Wales, capt), 8 Jamie Heaslip. (Leinster/Ireland)
Replacements: Richard Hibbard, (Ospreys/Wales) Makovina Vunipola, (Saracens/England) Dan Cole, (Leicester Tigers/England) Geoff Parling, (Leicester Tigers/England) Dan Lydiate, (Dragons/Wales) Ben Youngs, (Leicester Tigers/England) Owen Farrell, (Saracens/England) Sean Maitland. (Glasgow Warriors/Scotland)
Australia: 15 Berrick Barnes (NSW Waratahs); 14 Israel Folau (NSW), 13 Adam Ashley-Cooper (NSW), 12 Christian Leali'ifano (ACT Brumbies), 11 Digby Ioane (Queensland Reds); 10 James O'Connor (Melbourne Rebels), 9 Will Genia (Reds); 1 Benn Robinson (NSW), 2 Stephen Moore (ACT), 3 Ben Alexander (ACT), 4 James Horwill (Reds - capt), 5 Kane Douglas (NSW), 6 Ben Mowen (ACT), 7 Michael Hooper (NSW), 8 Wycliff Palu (NSW).
Replacements: Saia Fainga'a (Reds), James Slipper (Reds), S Kepu (NSW), Rob Simmons (Reds), Liam Gill (Reds) Nick Phipps (Rebels), Pat McCabe (ACT), Kurtley Beale (Rebels).