The incident happened at a house on Inman Walk, Knaresborough, about 12.30am.
One victim, aged 35, needed emergency treatment at Harrogate District Hospital for a slash to his arm.
A 21-year-old man was treated at York District Hospital for a gash to his face.
North Yorkshire Police said: "While the injuries are not considered to be life threatening, they will nevertheless require a significant amount of surgery."
The weapon was believed to be a 2ft-long Samurai-type sword. A 31-year-old Knaresborough man will appear before Harrogate Magistrates today charged with two wounding offences.