Officers were called to a party venue on Guse near Parker around 10pm Saturday.
They found two victims needing medical assistance.
Both men were taken to Ben Taub General Hospital by ambulance and are expected to survive.
Investigators say about 50 people were at the party to celebrate a military service member's return home. There was some sort of confrontation between two groups prior to the attacks.
The party was shut down after the shooting and stabbing.