The 24-year-old Edinburgh University student from Jedburgh is the fifth Scot to be included, joining Duncan Scott, Ross Murdoch, Cassie Wild and Kat Dawson in a 30-strong squad on the plane to Tokyo next month.
Hope is now preparing for her maiden Olympic appearance after some eye-catching form at the recent selection trials, European Championships and Glasgow Meet.
“It’s quite surreal, especially after the year we’ve all had with Covid and everything. It has extended a four-year cycle to a five-year cycle. I'm just over the moon and can't wait for the experience,” she said.
“My first ever Olympics, it's the pinnacle of our sport. It will be special. We've got kitting out soon, so even just to go and experience that, it's all about me absorbing as much as I can and then going and putting down some good performances in the summer."
Hope picked up four gold medals across a host of relay events at the European Championships in Budapest, where she broke the Scottish 100 metres freestyle record during the 4x100 relay final.
Plymouth butterfly specialist Laura Stephens, was the other swimmer handed a late call-up after her outstanding performances in Budapest and Glasgow.
"It feels absolutely incredible and a bit overwhelming, part of it hasn't quite sunk in yet and I don't think it will until I'm literally on the plane going," said Stephens
Chris Spice, the British Swimming national performance director, said: "I’m delighted to welcome Laura and Lucy onto the team, their selection just reward for some impressive swims over the last month, individually and most importantly in our relays.
“They have shown incredible resilience to bounce back and get the job done – this epitomises one of the key traits of our 30 strong team.
“I’ve no doubt they, along with the rest of the team, will kick on again as we fine tune our preparations for the Games over the coming weeks.”
Team GB will add the final aquatics athletes to its line-up for the Tokyo Games later this month with the announcements of the artistic and marathon swimmers.