Both former NBA MVPs were voted into the starting lineups by fans.
The NBA announced Thursday that Bryant will be replaced by Dallas point guard Jason Kidd on the Western Conference roster. Iverson's spot in the Eastern Conference will be filled by New York forward David Lee.
Bryant missed his third straight game for the Lakers Wednesday night with a sore left ankle.
Iverson missed his fifth straight game for the 76ers Wednesday night to be with his sick daughter.
Kidd will be making his 10th All-Star appearance, while Lee is a first-time All-Star.
The coaches will determine which players will replace Bryant and Iverson in the starting lineup.
The game will be played Sunday at Dallas Cowboys Stadium in Arlington, Texas.