RCMP say they received a complaint on Friday night around 10:30 regarding an assault on States Lane in Beechville.
Two victims were transported to hospital with serious injuries, but are expected to survive.
One victim was hit with the blunt end of the axe, while the other was hit with a crowbar.
The 35-year-old woman faces four charges of assault with a weapon, two charges of assault causing bodily harm, possession of a weapon for a dangerous purpose and mischief.
The 18-year-old man is charged with two counts of assault, assault with a weapon causing bodily harm and possession of a weapon for a dangerous purpose.
The accused are in custody and will appear in Dartmouth Provincial Court on Monday.
RCMP do not believe it was a random incident.