Farrell says "young talented artists will be performing alongside legends."
McCartney will be making his first appearance at Lollapalooza, while Metallica is taking a stage for the first time since 1996.
Others performing include Kaskade, Alesso, NERO, Dillon Francis, Carnage, Nicky Romero, and DJ Snake.
Farrell says the lineup contains "fresh faces," including MisterWives, Ryn Weaver, Catfish, and Bottlemen.
The festival, taking place July 31 to Aug. 2, marks its 11-year anniversary in Chicago's Grant Park.
Festival officials say three-day general admission tickets sold out within an hour. Single-day general admission tickets remain.
"It is so exciting to have The Cure at Lollapaloooza for the first time because I love The Cure and we've never had them," Farrell, also the lead singer of Jane's Addiction, said at the time. "It's always frustrated me and made me feel incomplete and now I can feel complete and die."
Mumford and Sons rose to a headlining spot last year.
"We don't look to stylize our lineup so much as we just stay away from pop garbage," Farrell said of the 2014 lineup. In the past Farrell has said he sees himself as a music curator when arranging each festival lineup.
"Sometimes it's not what I'm going to do. It's what I'm not going to do that sets your trend," he said.