The duo are two of the celebrities joining Channel 4's annual round-up of the last 12 months, the broadcaster has announced.
Oliver and Izzard will be joined by Miranda Hart, who has also never appeared on the show before.
The programme, again hosted by Jimmy Carr, will also feature Jonathan Ross, David Walliams and David Mitchell as team members.
Further celebrity guests are expected to appear to set the teams questions about the year. Subjects covered are likely to include politics and celebrity gossip.
Other festive programming on Channel 4 this year includes a Christmas edition of Coach Trip and new Vernon Kay-fronted gameshow Home for the Holidays.
The Big Fat Quiz of the Year will air on December 27 at 9pm on Channel 4.