The 60-year-old was travelling to the city of Bregenz, in Vorarlberg state, early today when he suddenly jumped up and stabbed a 19-year-old man in the stomach and back.
The attacker then turned on a 17-year-old youth and slashed his neck, police said.
The incident ended when the train pulled into a station and two officers apprehended the man after a brief struggle.
Both victims were taken to hospital, police said.
The attack came days after a 27-year-old Swiss national went on a knife rampage on a train in Switzerland, killing one passenger and injuring five.
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