The first man, in his 40s, was crushed by a horse in a cattle race suffering suspected head, shoulder and limb injuries.
The second man had a fractured jaw following a fall from a bull in the feature bull riding event.
Both men were initially treated on-scene by Queensland Ambulance Service Paramedics before being transported by ambulance to Chinchilla Hospital.
The RACQ CareFlight Rescue helicopter was then called in just after 6pm to transport both men to Toowoomba Base Hospital for further treatment for their injuries.
They both travelled in a stable condition.