Milner, 26, believes Hodgson has struck a fine balance between experience and youth in his 23-man squad for this summer, including 11 players making their debut bow at a major international tournament with the national side.
"There is a different feel around the squad than before," Milner told reporters.
"The squad in South Africa [for the 2012 World Cup] had a lot of players who had been to a lot of major tournaments and had the expectations and the disappointments.
"The squad has changed massively, you see faces that maybe you played Under-21s with and people coming through" - James Milner
"This time, we have a good mix of experienced players but also the younger players who haven’t been to a major tournament.
"The mix of youth and experience will help us do well."
Youngsters such as Danny Welbeck, Alex Oxlade-Chamberlain and Phil Jones will make the trip to Poland and Ukraine after successful seasons in the top flight and Milner is excited about their potential, and fearlessness in tournament situations.
He added: "To have that mix of younger players, who haven’t gone through the unlucky parts of tournament football.
"They are going into it fresh and don’t have those negative thoughts or memories in their heads."
Milner made his debut for the senior side in 2009 against the Netherlands and has won 26 caps for his country, becoming an integral member of the squad under Fabio Capello, and he believes the make-up of the squad has changed dramatically in just three years.
"The squad has changed massively, you see faces that maybe you played Under-21s with and people coming through," he continued.
"It’s hugely important you have experienced players – Steven Gerrard, John Terry and Gareth Barry – who’ve been there.
"But you’ve got the younger players who are going into it wide eyed and don’t have experience."