The 2024 NHL Entry Draft was held on June 28 and 29. The Oilers made seven selections over seven rounds.
| Round | Pick | Name | Position | Age | From | 2023-24 Team |
| 1 | 32 | Sam O’Reilly | center | 18 | Toronto, ON | London Knights (OHL) |
| 2 | 64 | Eemil Vinni | goaltender | 18 | Vantaa, Finland | Jokipojat Joensuu (FIN) |
| 5 | 160 | Connor Clattenburg | left wing | 19 | Arnprior, ON | Flint Firebirds (OHL) |
| 6 | 183 | Albin Sundin | defence | 19 | Kungsbacka, Sweden | Frolunda (SWE) |
| 6 | 192 | Dalyn Wakely | center | 20 | Port Hope, ON | North Bay Battalion (OHL) |
| 7 | 196 | William Nicholl | center | 18 | Manotick, ON | London Knights (OHL) |
| 7 | 218 | Bauer Berry | defence | 18 | Grand Forks, ND | Muskegon Lumberjacks (USHL) |
The Oilers have re-signed nine free agents and added five players through free agency from other teams.
| Name | Age | Position | Previous Team | Amount | Term | AAV |
| Calvin Pickard | 32 | goaltender | Edmonton Oilers | $2 M | 2 years | $1 M |
| Connor Brown | 30 | right wing | Edmonton Oilers | $1 M | 1 year | $1 M |
| James Hamblin | 25 | left wing | Edmonton Oilers | $1.55 M | 2 years | $775 K |
| Noah Philp | 25 | forward | Edmonton Oilers | $775 K | 1 year | $775 K |
| Noel Hoefenmayer | 25 | defence | Edmonton Oilers | $775 K | 1 year | $775 K |
| Viktor Arvidsson | 31 | right wing | Los Angeles Kings | $8 M | 2 years | $4 M |
| Josh Brown | 30 | defence | Arizona Coyotes | $3 M | 3 years | $1 M |
| Corey Perry | 39 | right wing | Edmonton Oilers | $1.4 M | 1 year | $1.4 M |
| Collin Delia | 30 | goaltender | Winnipeg Jets | $775 K | 1 year | $775 K |
| Connor Carrick | 30 | defence | Seattle Kracken | $775 K | 1 year | $775 K |
| Jeff Skinner | 32 | left wing | Buffalo Sabres | $3 M | 1 year | $3 M |
| Mattias Janmark | 31 | center | Edmonton Oilers | $4.35 M | 3 years | $1.45 M |
| Troy Stecher | 30 | defence | Edmonton Oilers | $1.575 M | 2 years | $787,500 |
| Adam Henrique | 34 | center | Edmonton Oilers | $6 M | 2 years | $3 M |
The Oilers did not re-sign the following free agents:
| Name | Age | Position | New Team | Amount | Term | AAV |
| Warren Foegele | 28 | left wing | Los Angeles Kings | $10.5 M | 3 years | $3.5 M |
| Vincent Desharnais | 28 | defence | Vancouver Canucks | $4 M | 2 years | $2 M |
| Sam Carrick | 32 | center | New York Rangers | $3 M | 3 years | $1 M |
| Jack Campbell | 32 | goaltender | Detroit Red Wings | $775K | 1 year | $775 K |
Jack Campbell had the remaining three years of his contract bought out by the Oilers in advance of free agency.
