Councillor Ian Bisbey, who represents Oxley, and Bushbury North Councillor Carl Husted were charged by police last night.
They will appear before magistrates in the city on Wednesday.
The pair have already been suspended from the Conservative Party and removed from two high-profile council roles following their arrest on July 25, on suspicion of robbery after a night out in the city centre.
That allegation related to an alleged early morning dispute with a private hire taxi driver near Bisby's home in Eastney Crescent, Pendeford.
Following a police investigation, both were yesterday told they will face no further action over the robbery allegation, but were bailed on a new charge of possession of cocaine.
Today both men told the Express & Star they were unable to comment but were preparing a statement through their solicitor.
Bisbey, 31, a buyer for cash and carry Middleton Food Products in Willenhall, was removed from his £13,400-a-year role as chairman of the authority's safer communities scrutiny panel last week by council leader Neville Patten.
Former pub manager Husted, 30, of Stowheath Lane, Stow Lawn, lost his £4,490-a-year role as vice-chairman of the licensing committee in August.
Both men are still collecting their basic allowances of £8,890 because they remain members of the council, despite not attending any meetings at the Civic Centre since the allegations emerged.
Tory cabinet member Councillor Wendy Thompson said: "As this matter is going through the judicial system it would be inappropriate to comment, other than to say we understand that they will be refuting and denying all allegations."