The new names for Porsche's two-door, mid-engined sports cars reference the series of 718 racing cars built between 1957 and 1962.
Porsche will introduce the 718 Boxster and 718 Cayman "over the course of 2016".
And the roadster will be positioned at a higher price level than the coupé, as is the case for the larger 911.
"The 718 model series is a continuation of the proven four-cylinder concept and the history of distinguished Porsche sports cars," said a statement from Porsche.
Porsche already uses a turbocharged 2.0-litre V4 engine in its successful 919 Hybrid Le Mans racer.
In the 718 Boxster, a 2.0-litre engine is tipped to be offered in two different power outputs: 261bhp in the base car and 311bhp in the S model, with torque outputs for the pair rated at 258lb ft and 295lb ft respectively. Expect the regular 718 Boxster to have a 0-62mph time of around five and a half seconds, and the S to dip below five seconds
Porsche has traditionally given the Cayman more power, but with the positioning of the 718 Boxster above it, it is not clear if this trend will continue.