All-rounders Doug Bracewell and Jimmy Neesham also return in the 13-man squad named Thursday.
Guptill, whose unbeaten 237 against the West Indies in the 2015 World Cup is the second highest ODI score of all time, has been sidelined by injury in recent months.
"It's great to have Martin back after injury and he'll obviously add all his class and experience to the side," selector Gavin Larsen said as New Zealand build towards next year's World Cup in England and Wales.
With the selectors endeavouring to give opportunities to a wider group of players, incumbent one-day wicket-keeper Tom Latham will miss the Sri Lanka series, while Colin de Grandhomme has been rested.
Latham's absence paves the way for 24-year-old wicketkeeper-batsman Tim Seifert to make his ODI debut.
"With the World Cup now on our radar there is a need to look at different players over the home summer," Larsen said.
"We want to win the one-day series against Sri Lanka, and we want to gain as much new information as possible while doing so."
New Zealand squad: Kane Williamson (capt), Trent Boult, Doug Bracewell, Lockie Ferguson, Martin Guptill, Matt Henry, Colin Munro, Jimmy Neesham, Henry Nicholls, Tim Seifert, Ish Sodhi, Tim Southee, Ross Taylor
First Published: December 27, 2018, 9:27 AM IST