Mansell, who won the world title in 1992, becomes a CBE.
He followed up his F1 title by claiming the IndyCar championship the following year, and has been honoured in his role as president of UK Youth.
UK Youth is a charity which provides tools to help build young people's self-esteem, aptitude and skills.
Mansell, 58, last year helped raise £1million for the cause by cycling 1,375 miles in 13 days around the country.
Newey, the 53-year-old chief technical officer at the Red Bull team of world champion Sebastian Vettel, is made an OBE.