One of the victims suffered serious head injuries in the attack, which took place in Burmantofts at about midnight on Sunday. He is in hospital in a stable condition.
The men, who were in their thirties, were walking along Haslewood Drive when they were approached by a group of males who demanded cash and property.
The second victim was also hurt, receiving injuries to his face and ribs and a cut to his head.
Police are appealing for witnesses to the attack.
Detective Constable Clive Newman, of Leeds District CID, said: “This was a nasty attack which has left a man hospitalised and we are keen to speak to anyone who may have witnessed it or seen something suspicious in the area.
“This attack took place close to the Ebor Gardens Community Centre where there was a party at the time, and it is possible that those attending it may have seen what happened.”
Anyone with information is asked to contact DC Newman at Leeds District CID on 101, quoting crime reference 13160229042 or the independent charity Crimestoppers on 0800 555111.