One of the walkers, an Austrian man in his 50s, died from cold after getting lost on Sunday night while walking near the Aurina valley, in the Trentin Haut-Adige region in the north of the country.
He called the emergency services for help after realizing he was lost but the rescue team was unable to reach him in time. They said the man had got lost in an exposed spot at an altitude of 3,000 metres, but was dressed in light summer clothing.
The other hiker, a Polish man aged 51, died on Monday after falling hundreds of metres while on a climbing route in the mountains. The alarm was raised by other walkers but the rescue services were unable to save him.
There have been a series of tragedies on Europe's peaks in the last few days. Three climbers also died in France on Monday, falling 800 metres to their deaths in the Mont Blanc range, while six climbers died after falling on another peak, the Auguille d'Argentiere, last week.