The New Jersey Devils won the draft lottery Tuesday, but teams can't move up more than four spots, leaving Edmonton with the first overall pick.
After finishing its season in 30th place, Edmonton held the highest odds of getting the No. 1 pick at 48.2 percent.
"Winning this first overall pick is an important moment for the organization and it's an integral part of the process moving forward," Oilers general manager Steve Tambellini said.
"This is a very exciting time for our organization and our fans as this just adds to the already bright future of our team."
The NHL draft is scheduled for June 24-25 in St. Paul, Minn., where Ryan Nugent-Hopkins of the WHL's Red Deer Rebels is expected to be taken No. 1 overall.
Edmonton selected winger Taylor Hall with last year's first pick.