Both the new smartphones run Android 4.1 (Jelly Bean), and are aimed at "the younger, stylish generation".
They both have a 1,300mAh battery capacity, 4GB of internal storage (upgradeable to 64GB via microSD) and a 1GHz processor, although the Fame has 768MB of RAM and the Young only 512MB.
The Galaxy Young is fitted with a 3.27-inch HVGA resolution touchscreen, 3-megapixel rear camera and Bluetooth 3.0.
The Galaxy Fame comes with a larger 3.5-inch HGVA screen, a 5-megapixel camera on the rear with LED flash, and a front-facing VGA camera. It is also equipped with Bluetooth 4.0 and Near Field Communications (NFC).
Just like the flagship Samsung Galaxy S3, the new Galaxy devices get a Motion User Interface, enabling users to shake the device to refresh and update the content, or turn over the handset to mute the ringer.
WiFi Direct allows content to be shared with nearby devices and both handsets also come pre-loaded with Samsung Game Hub Lite and S Cloud storage.
Both handsets will launch in the UK in March 2013. Pricing has not yet been announced, but they are both expected to be more towards the budget end of the scale.
The Galaxy Young will be offered in white, deep blue, wine red and metallic silver, while the Galaxy Fame will be available in pearl white and metallic blue.
> Samsung announces Galaxy Express 4G smartphone
> Nokia Lumia 620 review: A solid Windows Phone budget option