The pair were named alongside their World Cup-winning captain, Eoin Morgan, coach, Trevor Bayliss, and Joe Root on the New Year's Honours list and received their awards from the Duke of Cambridge, Prince William.
Stokes, who also won the BBC Sports Personality of the Year Award in December, was made an OBE for services to cricket and Buttler was made an MBE following a remarkable year for the England team, who beat New Zealand to win the men's World Cup for the first time in the most thrilling of finals at Lord's.
Stokes struck an unbeaten 84 in the final - including two sixes in the last over - to tie the game, and then batted in the Super Over to help England to a memorable triumph. Stokes also hit a stirring 135 not out to hand England victory in the third Ashes Test at Headingley. Meanwhile, it was Buttler who featured in the decisive moment of the World Cup when he gathered Jason Roy's throw and completed the run-out of Martin Guptill, which meant England won the title on boundaries scored.
The pair were joined at Buckingham Palace on Tuesday by Colin Graves, chairman of the England and Wales Cricket Board, who was recognised with a CBE for services to the sport.
"Without a shadow of a doubt, it's two great players and to share the day with them is brilliant," Graves told the Press Association. "You just have to look at the Sports Personality of the Year awards, Stokesy won the main award, the team won the team award, the team won the moments of the year award."
Morgan is due to be appointed a CBE and Root is to be made an MBE, while Bayliss will be made an OBE.