It will be a fourth Olympic Games appearance for Folkard, who made her Games debut at Athens 2004 before competing at both Beijing 2008 and London 2012.
Meanwhile, for 20-year-old Huston it will be a first Olympic Games appearance after competing in the individual and team events at last year's World Championships in Copenhagen.
Huston secured a quota place at Rio 2016 for Team GB with a third-place finish at this year's European Championships in Nottingham and is placing high expectations on himself for the Games.
"I'll be going to Rio aiming for gold, I'm not just a participant," said Huston. "Whatever the outcome, my first Olympic experience is going to be a memory of a lifetime.
"I'm very proud to be representing my country on the highest stage possible. This will be my first Olympic Games and frankly I'm over the moon to be going.
"Archery has been a massive part of my life for many years, I absolutely love it and now I've reached the pinnacle."
Both Team GB athletes will compete in the individual recurve event in Rio after Huston's success in Nottingham was followed up by Folkard, who earned quota spot by finishing second at the World Cup in Antalya, Turkey.
Team GB have won nine medals in archery – including two golds – since the sport made its first appearance at the Games in 1900 and Folkard is gunning for the podium in Brazil.
"This will be my fourth Games and competing in the Sambodromo arena will be a similar experience to my first Games in the Panathenaic Stadium in Athens," said the 32-year-old.
"I'm looking forward to fighting for a medal.
"It's really exciting to have won a spot for the Rio 2016 Olympic Games, it makes the tough journey over the last four years worthwhile.
"I now have a few weeks to do my final preparation, so I can go with the confidence to perform to the best of my ability."