Publisher Wang Jianmin, 62, was jailed for five years and three months and editor-in-chief Guo Zhongxiao was given two years and three months by the court in Shenzhen, Wang's lawyer told AFP.
"The two both admitted guilt to the court and said they 'will not appeal'," said Chen Nansha.
The sentences come after five booksellers from Hong Kong whose publishing house was known for gossipy titles about Chinese political leaders went missing and resurfaced in the mainland last year.
Wang and Guo's magazines are widely available in the former British colony, which has greater freedoms than the mainland under agreements signed with Britain during the 1997 handover.
The pair were detained in June 2014, when Shenzhen police said they were "operating an illegal publication".
According to reports at the time of their trial in November, prosecutors said their Hong Kong-registered company National Affairs Limited had earned HK$7 million (USD 900,000) from publications New Way Monthly and Multiple Face.
Concerns are mounting about press freedoms in Hong Kong, where mass rallies in 2014 for fully free leadership elections failed to win political reform, and young campaigners are increasingly demanding more distance from Beijing.
Although the city has the status of a special administrative region of China, the two have separate legal systems, distinct police jurisdictions and maintain strict border controls.
Pro-democracy Hong Kong lawmaker Lee Cheuk-yan told AFP that the sentences imposed on the journalists were "a warning to anyone who wants to do business in China especially in the area of publication -- they will be subjected to suppression and censorship and if they are not following the party line, then they will be jailed".
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