The shooting happened at Seminary Avenue and East 17th Street, police spokeswoman Officer Holly Joshi said.
One of the victims drove himself to 28th Avenue and International Boulevard, Joshi said. Officers arrived at the intersection at about 8:15 a.m.
Two schools near the intersection, Think College Now Elementary School and International Community School, were on lockdown from about 8:40 a.m. until 9:30 a.m., International Community School secretary Norma Lupian said.
The shooting happened around the time parents were dropping their children off at school, which starts at 8:40 a.m., she said.
There were about five or six police cars at the intersection of 28th Avenue and International Boulevard after the shooting, said Fernando Gonzalez, owner of nearby F& G Auto Repair.
Gonzalez said he heard screaming and saw a man with blood on his face being loaded onto an ambulance.
The injuries the men suffered are not life-threatening, Joshi said.
Lupian said International Community School staff hadn't been told much about the shooting, but that the school had been getting many phone calls from worried parents, Lupian said.
"I wish (police) would tell us so we could tell the parents something," Lupian said.
Oakland police are investigating the shooting, and have not determined if it is gang-related.