Keiler Totz and Fred Zhu have each won $150,000 scholarships for their undergraduate degrees from the Blyth Cambridge Commonwealth Trust.
Both will receive full funding for tuition fees and travel between Canada and Cambridge for three years.
Sam Blyth, a graduate of the university, established the awards for outstanding students who would not have not been able to attend Cambridge without the scholarship.
"I was a student there and it gave a lot to me,” Blyth said. “It's my gift, also, to young people here in Canada, to give them an opportunity to go to one of the great universities in the world."
The scholarship committee invited shortlisted candidates to Toronto in the fall for interviews that were conducted by Canadian alumni of the university and Cambridge admission heads.
Totz, who is from Victoria, plans to study biomedical engineering. Zhu, from Surrey, is majoring in biological sciences.