Police were called to the area of Katz Plaza, located at the corner of 7th Street and Penn Avenue, just after 11:00 p.m. — about an hour after the fireworks display ended.
Officials estimate that 100,000 people were downtown for the show.
The two male victims appeared to be in their late teens or early twenties, said Public Safety Director Wendell Hissrich.
One was shot in the head, and one was shot in the stomach.
Both were taken to hospitals in critical condition. No updates have been released on their condition.
City of Pittsburgh Mayor Bill Peduto tweeted that police have secured the area, but according to Hissrich, police are looking to the public for information.