Kate Row and Emily Smith were among 60 people to be honoured with the Queen's Young Leaders Award.
It's the first year for the prestigious honour, after being launched by Princes William and Harry a year ago via social media.
Kate Row, who received the award for her work as a young Ambassador for UNICEF and promoting opportunities for people with disabilities, said receiving the award was overwhelming.
"It was an amazing experience, very much once in a lifetime opportunity," she said. "It went very quickly but [it's] a moment I'll remember for a very long time."
Fellow award recipient Emily Smith said the experience was "awe inspiring".
Ms Smith is a community and Girl Guide leader who works on projects around gender-based violence, body image, self-esteem and disabilities.
"[The Queen] said 'Congratulations' and 'Well done' and handed me the medal, and I obviously said it was an honour to meet her," she said.
They received their awards a special ceremony at Buckingham Palace, attended by stars including David Beckham.
They also visited David Cameron at Downing Street, as well as the headquarters for Twitter and the BBC, and took part in a two-day leadership course at Cambridge University.
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