Former HS2 Ltd chairman Douglas Oakervee will lead the inquiry, with Lord Berkeley - a long-term critic of the high-speed railway scheme - acting as his deputy.
The DfT said the review will consider a number of factors relating to HS2, including its benefits, impacts, affordability, efficiency, deliverability, scope and phasing.
Would keep or scrap HS2? | The Nigel Farage Show podcast - Listen or read transcript on Metacast