The White Horse in Church Fenton, Yorkshire, and The Duke of Wellington in Leasingham, Lincolnshire, both faced closure until punters bought them from Ei Publican Partnerships.
The Church Fenton Community Hub bought the White Horse, borrowing £355,000 from the Public Work Loans Board to do so.
"Village support has been critical, and our success is testament to the strong community spirit in Church Fenton," Parish clerk Jeremy Sherlock, said.
"Our next step as a community is to look at completing an internal and external refurbishment of the pub. These are very exciting times for everyone in the Church Fenton community."
The Duke of Wellington was bought for £232,000 by the Leasingham Community Benefit Society, using money awarded by the Plunkett Foundation. The pub has previously been designated an asset of community value and will now be reopened by the residents' group.
Leasingham Community Benefit Society chairman David Warner said: "The opportunity arose for the people here to safeguard the future of The Duke of Wellington, which has been, and will now continue to be, a real asset to the village."
David Lea, Ei Publican Partnership estate manager, added: "As a business, Ei Publican Partnerships regularly reviews its estate, and unfortunately there are some that no longer meet our ownership criteria, and so we offer them for sale. As in the case [with these pubs] wherever we can, we endeavour to work with local communities that are keen to purchase our pubs and keep them trading."