Musil is the son of former NHL defenceman Frantisek Musil, who is now a scout for the Oilers.
Edmonton had the first overall selection on Friday and used it to pick Red Deer Rebels centre Ryan Nugent-Hopkins. The Oilers also got Swedish defenceman Oscar Klembom at No. 19.
The six-foot-three, 196-pound Musil had 25 points (six goals, 19 assists) in 62 games in the Western Hockey League last season.
In the third round, the Oilers took Finnish goaltender Samu Perhonen at No. 62 before selecting Edmonton Oil Kings left-winger Travis Ewanyk at No. 74.
Edmonton also picked North Dakota defenceman Dillon Simpson, son of former NHL forward Craig Simpson, at No. 92.
The Oilers used the No. 114 selection to pick Kitchener Rangers centre Tobias Rieder, Slovak defenceman Martin Gernat was taken at No. 122 and Finnish netminder Frans Tuohimaa was selected with the No. 182 pick.