The recently de-listed duo return to the Redlegs after spending the past two seasons in the top flight, having been drafted at the end of 2021 as part of the dozen SANFL prospects recruited at the national intake.
Lord, a 181cm defender, would end his time with Essendon with one AFL game to his name, which came in Round 8, 2022 as an unused medical sub.
The teenager played 36 games for the Bombers' reserves during his time at Tullamarine, and now joins ex-teammate Murley and Essendon VFL captain Billy Cootee in heading to Norwood.
Murley wouldn't register a game under Collingwood coach Craig McRae during his time with the Magpies after being taken with the 49th selection at the AFL Draft - one pick after Essendon recruited Lord.
The small forward played 20 games for Collingwood's VFL side this year, including a career-best three-goal outing against GWS in Round 8.
On Friday Norwood confirmed the signings of both Murley and Lord, adding further top-listed players to their squad for the 2024 season.
“Cooper was part of both our Norwood Junior and Senior programs in 2021 prior to being drafted to Collingwood,” Norwood coach Jade Rawlings said of Murley.
“We have a desire to provide an opportunity and a place for our Norwood juniors to come back to.
“We met with Cooper to discuss what his AFL experience was like, and we couldn't be more impressed with his view on his two years at Collingwood and the growth he was able to establish."
Rawlings was equally excited with the acquisition of Lord.
"Being his old club we hoped that we would be someone that he wanted to come back and play for, but we don't take that for granted and went through a thorough process with Alastair. We are bullish about his growth over the past two years," Rawlings said.
"Him wanting to come back and wanting to be a part of Norwood, and strive to improve his footy is great to see."
Norwood finished in seventh this year under Rawlings, amassing six wins, 11 losses and one draw for the season in their premiership defence.