The seriously injured are Durga Prasad Yadav and Ram Awatar Mandal of Saptari district.
The incident took place after a group barged into the campus hostel all of sudden and attacked them with khukuri.
A dispute had taken place between the hostel students and the cadres of Youth Force on Monday evening after the students from other colleges made noises and threatened the students of Morang Campus.
Student leader Deva Yadav said a team led by Navaraj Karki attacked the hostel students early this morning to take revenge.
Similarly, five other students including Bardan and Jay Prakash have also sustained minor injuries in the incident.
Critically injured students are undergoing treatment at Biratnagar-based Koshi Zonal Hospital, said police.
Deputy Superintendent of Police, Prabhu Prasad Dhakal, said investigations into the case were underway and no one has been arrested so far. The critically injured students are supporter of the All Nepal National Independent Students Union (Revolutionary), close to the UCPN (Maoist).
Cadres of the Youth Force on Monday evening had thrashed the students after they returned hostel participating in the torch rally organized by the 30-party alliance.
The Youth Force cadres attacked the students even after an understanding was made for reconciliation at the police office after holding discussions. RSS
Two injured in Khukuri attack