The movie is based on the first book in Suzanne Collins' popular post-apocalyptic trilogy.
The announcement regarding the songwriters' involvement in the project was made Tuesday by Joe Drake, president of Lionsgate's movie division.
Elfman and Burnett will work together on the film score, with Burnett also serving as the movie's executive music producer, producing songs for the film and soundtrack.
Elfman is a composer who frequently contributes music to director Tim Burton's movies.
Burnett is a songwriter, producer and performer who has worked on the music heard in "Crazy Heart," "O Brother Where Art Thou?" and "Walk the Line."
"'The Hunger Games' is such a special property -- it has worldwide mass appeal, but it's also sophisticated, cerebral, soulful, and rebellious. We needed a composer who can translate these qualities musically, and we have not one but two incredible artists in an absolutely thrilling first time ever collaboration," Tracy McKnight, Lionsgate's head of film music, said in a statement.
The movie is to star Jennifer Lawrence, Josh Hutcherson, Liam Hemsworth and Lenny Kravitz.
2014: The Year in Music [PHOTOS]