Oladipo, who was picked by NBA coaches for his second straight All-Star Game, suffered a season-ending injury when he ruptured the quadriceps tendon in his right knee on Jan. 23. Heunderwent successful surgery Monday.
He was averaging a team-high 18.8 points.
Russell, who is averaging a career-high 19.6 points and 6.4 assists this season, is the Nets' first All-Star selection since the 2013-14 season, when Joe Johnson represented the team.
The 6-foot-5 guard, who is third among Eastern Conference players with a career-high 140 3-pointers this season, was picked by Silver over other candidates, including teammate Spencer Dinwiddie and Philadelphia 76ers guard Jimmy Butler.
Teams will be selected via a draft by captains Giannis Antetokounmpo and LeBron James, who were the leading vote-getters in their respective conferences. The All-Star draft is scheduled Thursday and will be broadcast on TNT.
The All-Star Game will be played on Feb. 17 in Charlotte, North Carolina (8 p.m. ET, ESPN Radio).
Russell's 25 points not enough to overcome Spurs
D'Angelo Russell puts up 25 points in the Nets' 117-114 loss to the Spurs in San Antonio.