The victims, both 24, were heading home along a footpath in Baillieston, in the east of the city, at about 6pm on Saturday when they were attacked by the gang.
One victim sustained facial injuries and the other had a broken arm. They were taken to hospital for treatment and have since been released.
Police said there was “no motive” for the assaults and between 18-20 attackers aged 14-18 were involved.
The suspects were wearing a variety of dark clothes, mainly tracksuit trousers and tops.
Following the incident, the group ran through an area known locally as Bannerman Park towards Barrachnie and Garrowhill.
Police plan to review CCTV of the area and forensic officers have seized a number of items for examination.
Detective constable Nick McGlynn said: “Clearly this group was intent on causing trouble - there was no motive for the attack other than to target two men who were on their way home.
“We are following up a number of lines of enquiry but I know there is still information out there and I am appealing to anyone who may have seen or heard anything to contact us.”
Police can be contacted on 101.