The victims were rushed to hospital as a result of the incident in Empire Way after the police were called to the scene in north-west London at 8.21pm, the Daily Telegraph reported.
One witness cited by the Telegraph said the stabbing happened outside student accommodation near Wembley Stadium.
"Officers are in Empire Way after two men in their 20s were stabbed this evening. Police was called at 20.21hrs. Both victims in the hospital in life-threatening condition,” a statement from Brent Metropolitan Police Station reads.
No arrests have been made. The area remains cordoned off while a police investigation is carried out.