Ambulance crews were called to land off Laburnum Road, East Park, on Monday, but Shawn Seesahai was pronounced dead at the scene.
West Midlands Police said on Thursday evening the two boys, who cannot be named for legal reasons, had been charged with his murder, as well as possession of a bladed article.
They will remain in custody to appear at Birmingham Magistrates’ Court on Friday.
A force spokesman said: “Detectives investigating the murder of 19-year-old Shawn Seesahai in Wolverhampton on Monday evening have charged two boys with his murder.
“The 12-year-olds were arrested on Tuesday evening and, following a warrant of further detention from the court, they were charged this evening.
“The boys have also been charged with possession of a bladed article.
“Both boys, who cannot be named due to their age, have been remanded in custody to appear at Birmingham Magistrates’ Court tomorrow.
“Police patrols are continuing in East Park to offer reassurance to the public and our thoughts remain with Shawn’s family and friends.”
Mr Seesahai’s mother said in a statement previously released through police: “Shawn Seesahai was a courageous, compassionate and confident young soul who sadly lost his life at the age of 19.
“He was looking forward to accomplish many future plans and ambitions.
“He cared dearly about his family and friends and he absolutely loved to help people. He was a generous person and had a good personality.
“We will always have him in our hearts.”