The 37-year-old was dropped for a three-match series against Australia, which Pakistan lost 3-0, after departing the previous rubber against Sri Lanka early following the death of his nephew.
Chief selector Moin Khan suggested Pakistan's decision to bring Younis back into the side had "backfired" and the veteran batsman was duly overlooked for the matches against Australia.
However, Younis, who has racked up 717 runs in five Tests since his omission, is back for next month's fixtures with New Zealand.
"Both the squads are well-balanced, with a decent blend of in-form batsmen and good all-rounders, with the bowling attack a potent mix of pace and spin combinations," said Moin.
"Quite a few players have been included either after returning from injury or on the basis of current form.
"In the ODI squad, Younis Khan has been recalled for the ODI squad due to his sparkling form.
"Similarly, Sarfraz Ahmed is featuring in a T20I for the first time. Young and promising Haris Sohail is also part of both squads, while Sohaib Maqsood was not considered on fitness grounds.
"Among our pace bowlers, Wahab Riaz and Umar Gul are making comebacks from injury to make the pace attack more potent."
Ahmed Shehzad is also included in both the ODI and Twenty20 squads having been given the all-clear after recovering from a head injury.
Pakistan take on New Zealand in two T20 matches before engaging in five ODIs.
ODI squad: Mohammad Hafeez, Ahmed Shehzad, Asad Shafiq, Bilawal Bhatti, Haris Sohail, Misbah-ul-Haq, Mohammad Irfan, Nasir Jamshed, Sarfraz Ahmad, Shahid Afridi, Sohail Tanvir, Umar Akmal, Umar Gul, Wahab Riaz, Younis Khan, Zulfiqar Babar.
T20 squad: Ahmed Shehzad, Anwar Ali, Mohammad Hafeez, Haris Sohail, Mohammad Irfan, Owais Zia, Raza Hasan, Saad Nasim, Sarfraz Ahmad, Shahid Afridi, Sohail Tanvir, Umar Akmal, Umar Gul, Wahab Riaz.