The crash happened on the A93 near the Aboyne Loch caravan park on Thursday evening.
Paul Grice, 24, was the driver of the red Volkswagen Golf, and Grahame Ellis, 32, was the front seat passenger. Both were from Aboyne.
Insp Jon Barron, appealing for witnesses, said: "Both families have been left devastated by the sudden and tragic loss of their loved ones."
Two men who died after a car struck a tree in Aberdeenshire have been named.