Goalkeepers Paul Robinson and Ben Foster replace David James and Robert Green as only 10 of the 23-man World Cup squad return for the friendly.
Theo Walcott and Adam Johnson are both recalled but Joe Cole misses out.
Strikers Jermain Defoe and Peter Crouch are dropped as Carlton Cole and Darren Bent come in for the match at Wembley.
Manchester United's Wes Brown, Phil Jagielka of Everton and Bolton's Gary Cahill bolster the defensive ranks as Capello looks to freshen up the national set-up following a disastrous World Cup campaign which saw England crash out in the last 16.
Arsenal have much to cheer from the new-look squad with Wilshere, Gibbs and Walcott all included.
Wilshere, who was born on New Year's Day 1992, will become the 10th youngest England international of all time if he plays some part against Hungary.
He became Arsenal's youngest league debutant two seasons ago and was only the fifth 16-year-old to feature in the Champions League.
Wilshere has won five under-21 caps and his half season on loan at Bolton last term did not go unnoticed by Capello, who expects him to mature rapidly.
After receiving the news, the 18-year-old told Arsenal's website: "I'm delighted to have been named in the senior England squad for the first time. It is a real honour and I'm looking forward to the experience.
"I'm also realistic and want to take things one step at a time. Being called up to the England squad is a proud moment for me and my family, but my first target is to break into the Arsenal team and play on a regular basis.
"To achieve that, I need to keep my head down, work hard and stay focused."
Ashley Cole was one of the few to emerge from the South Africa campaign with their reputation intact, so Gibbs's contribution at left-back will probably be as back-up.
However, the Lambeth-born 20-year-old was already on Capello's radar last year and in may have made the World Cup squad ahead of Stephen Warnock had he not suffered a season-ending injury in November.
"It is a special moment to be called up to the first team squad," said Gibbs, who broke his foot in November.
"I have to say this a real boost for me as I spent over five months out through injury and this is a good opportunity to thank the surgeons and medical support I've received to get me back to full fitness.
"Naturally my top priority at this moment in time is to get back to the level I was at before my injury and get some games under my belt with Arsenal, but of course, I would love to cement a place in the England team in the future."
At 29, Zamora is not a youngster, but Capello was keen to include the Fulham star in his provisional World Cup squad, only for injury to rule out that option.
However, with Emile Heskey now retired and neither Crouch nor Defoe considered, Zamora was an obvious choice.
West Ham striker Cole has been around the squad before, as has Bent, although Gabriel Agbonlahor will probably consider himself unlucky.
There was better news for another Aston Villa player, however, as Ashley Young has been recalled, with neither Shaun Wright-Phillips nor Aaron Lennon being retained.
Most of Capello's senior men are included, with John Terry keeping his place, even if his partner in the centre of defence next week remains something of a mystery.
At various stages of the World Cup, Ledley King, Jamie Carragher and Matthew Upson had the job, but all three have now been ditched.
That hints at a straight fight between Jagielka, who won the last of his three caps against Ukraine at Wembley last year before suffering a serious knee injury, and Michael Dawson, who was called into the World Cup squad for injured skipper Rio Ferdinand but did not play a game.
England squad to face Hungary:
Goalkeepers: Ben Foster (Birmingham), Joe Hart (Manchester City), Paul Robinson (Blackburn)
Defenders: Wes Brown (Manchester United), Gary Cahill (Bolton), Ashley Cole (Chelsea), Michael Dawson (Tottenham Hotspur), Kieran Gibbs (Arsenal), Phil Jagielka (Everton), Glen Johnson (Liverpool), John Terry (Chelsea)
Midfielders: Gareth Barry (Manchester City), Steven Gerrard (Liverpool), Adam Johnson (Manchester City), Frank Lampard (Chelsea), James Milner (Aston Villa), Ashley Young (Aston Villa), Theo Walcott (Arsenal), Jack Wilshere (Arsenal)
Forwards: Darren Bent (Sunderland), Carlton Cole (West Ham United), Wayne Rooney (Manchester United), Bobby Zamora (Fulham)