The iOS update adds remote control support, enabling users to launch games, as well as play, pause, fast forward and rewind videos.
The update also includes support for iPad Retina displays, and introduces a Discover section for new content on Xbox Live Marketplace.
The newly released Android version lacks the connectivity features, but allows users to customise Avatars, send and receive messages, set game beacons, view achievements and watch Spotlight videos.
The My Xbox Live app launched on iOS devices last December.
Launching after last year's Xbox Live dashboard update, it reproduces Microsoft's Metro panel layout seen on Windows Phone and Windows 8 operating systems.
Watch a video for the Xbox 360 dashboard's entertainment services below: