Besides the Indian duo, the team comprises of five Australians in David Warner, Steve Smith, Mitchell Marsh, John Hasting and Mitchell Starc, South Africans Quinton de Kock and Imran Tahir, England's Jos Buttler and Pakistan's Babar Azam.
Kohli, who recently guided the Test team to three consecutive series wins against the West Indies, New Zealand and England respectively, has amassed 739 runs from just 10 ODIs played this year.
The Delhi right-hander has smashed three centuries, with 154 being his highest score besides scoring four half centuries in the calendar year.
Bumrah, on the other hand, has impressed one and all with his brilliant performances in his maiden year in international cricket. He has taken 17 wickets from just eight ODIs in 2016.
Cricket Australia's ODI Team of the Year: Virat Kohli (Captain), Steve Smith, David Warner, Mitchell Marsh, John Hasting, Mitchell Starc, Quinton de Kock (wk), Jos Buttler, Imran Tahir, Jasprit Bumrah, Babar Azam.