Mr Turnbull confirmed the as yet unspecified honours would be awarded to Richard Harris, an anaesthetist, and Craig Challen, a vet.
The men entered the Tham Luang cave as part of the international rescue. Dr Harris helped give medical assessments.
It embodied "every Australian value we hold dear", Mr Turnbull said.
Dr Harris was one of the last rescuers to emerge from the cave after three days of the mission to extract the Wild Boars football team and their coach last week.
He and Dr Challen, both experienced divers, helped move the boys out of the cave.