The victims, ages 24 and 25, were walking in the 7400 block of Monterey Street when they were confronted by a group of about five or six men at about 11:15 p.m., police said.
One man pistol-whipped then stabbed one of the victims several times in the upper torso and head, seriously wounding him, police said.
Another man struck the second victim with a baseball bat while three to four other members of the group assaulted the victim. He suffered minor to moderate injuries, according to police.
The victims were transported by a friend to Saint Louise Regional Hospital.
The suspects were all described as men between 20 and 23 years old.
The first suspect was a Hispanic man about 5 feet 9 inches tall with a thin build, dark complexion, and black hair. He was wearing a sweatshirt and black pants and was armed with a pistol and knife.
The second was also described as having a dark complexion, and was wearing a white T-shirt with red lettering. He was armed with a baseball bat.
Police believe the crime may have been gang-related. Anyone with information is asked to contact Investigator Geoffrey Guerin at (408) 846-0348 or anonymously by calling the We-Tip line at (800) 782-7463 (800) 78-Crime.