At 8.46am North Yorkshire Police received a 999 call from a member of the public following the collision on Yew Tree Lane, near to Ashville College.
The two boys, who were pedestrians, were injured after a collision took place between three vehicles, one of which collided with a wall.
The vehicles involved are a black Ford Ranger, a blue Ford Fiesta and a white Vauxhall Astra. The drivers of all three vehicles remained at the scene and have provided information to police.
No other injuries have been reported and no arrests have been made.
The boys were taken to hospital by Yorkshire Ambulance Service, where they continue to be treated. Their families have been notified.
North Yorkshire Fire and Rescue Service attended the scene to make the area and the vehicles safe.
Road closures are still in place but are due to be lifted later this evening.
This will have been a distressing incident to witness, and police are urging those who have been affected by the events to seek the necessary help if needed.
Police are appealing for anyone who witnessed the events or who has a dashcam and was travelling in the area around the time of the collision to contact them.
This can be done by calling 101 and quoting reference number NYP-02022023-0100.