The pair, aged 24 and 27, were attacked by a group wearing hooded tops, who had covered their faces, on Drumilaw Way in Rutherglen at about 02:45 on Sunday.
The victims were taken to the Queen Elizabeth University Hospital.
Police said the incident was visible from nearby houses and have appealed for witnesses to come forward.
They said the men were approached by five or six male youths at the grass area opposite the Usave store.
Det Con Ross Philip said: "There are a lot of houses that overlook the grass area and roadway at Drumilaw Way and I'd like to speak to anyone who may have been disturbed by noise at this time of night and may have looked out and witnessed the two men being attacked."
Hospital staff said the men's injuries were not thought to be life threatening.
Two men are in a serious condition in hospital after being assaulted in a large-scale disturbance in South Lanarkshire.