The men, aged 19 and 20, were taken to hospital after the shooting in Poplar Road, Bearwood, just before 10pm on Wednesday.
A 24-year-old man, and a 22-year-old man, were both arrested on suspicion of violent disorder have been bailed pending further enquiries.
Poplar Road, which contains shops and flats, was cordoned off in the aftermath of the incident as specialist officers scoured the area for evidence.
West Midlands Police are continuing to investigate the incident and has appealed for witnesses to come forward.
Anyone with information is asked to contact police quoting log number 4570 of March 31.
Alternatively, contact Crimestoppers anonymously on 0800 555111 or at crimestoppers-uk.org