Jena (62) was an AICC Secretary and a former PCC chief of Odisha while Bhagat (48) had joined Congress party after a stint in the state administrative services and became an MLA in 2005.
Jena replaces incumbent Niranjan Patnaik and the tribal leader Bhagat takes over from Pradip Kumar Balmuchu, a Rajya Sabha MP.
Congress is out of power in Odisha for last 15 years, while it never came to power in Jharkhand since the new state was created in 2000.
In 2009, when there was speculation of Congress forming a government in the state in alliance, there was a demand to project Bhagat as CM candidate on the argument that the state did not have any Chief Minister from among Oraons, one of the four major tribes in Jharkhand.
Among the previous Chief Ministers in the state Madhu Koda belonged to Ho tribe, Babulal Marandi and Shibu Soren to Santhali and Arjun Munda to Munda tribe.
There has been a clear focus on appointing relatively younger faces as PCC chiefs since Rahul Gandhi became the party Vice President early this year.
The new PCC heads were appointed after Gandhi's recent interaction with party leaders from the AICC to block levels in a number of states.
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