Ong Ye Kung and Ng Chee Meng are now full ministers, according to a statement issued by the Prime Minister's Office.
Mr Ong was promoted to full education minister (higher education and skills) and also holds the portfolio of second Minister in the Ministry of Defence.
Mr Ng was promoted to minister for education (Schools) and is the second minister for Transport.
The PMO says that these promotions are part of leadership renewal and will take place on 1 November.
All eyes are now on the two men, who were rocketed into high ministerial positions when they stepped into the ranks of the People's Action Party (PAP) in the last general election. Speculation is rife that their speedy promotions could signal the urgency of the PAP to train successors to the current senior leadership headed by Prime Minister Lee Hsien Loong, who many expect to retire by the next general elections.