It happened around 3:30am in the 600 block of State Street at Kansas near Highway 3.
According to the South Houston Police Department, the victims were at a gathering at a home on State Street when they got into a fight with three men.
Investigators said one of the victims -- Ruben Castillo, 39 -- was "severely beaten and received bruises to the left forehead and a swollen left eye."
Castillo was also shot in the chest, officials said.
The second victim was identified as Michael Sanchez, 19. According to investigators, Sanchez was stabbed in the stomach.
Life Flight responded and took Castillo to Memorial Hermann Hospital. At last check, he was stable.
Sanchez was transported by ambulance to Memorial Southeast Hospital but refused treatment, police said.
Witnesses tell police the shooter and the suspect who did the stabbing fled the scene together in a red Chevrolet Suburban.
SHPD investigators are working to identify the suspects. Anyone with information on this incident can call 713-944-1910.