"It's a wonderful day for them and their families," Obama said at the White House following his announcement of his pick for attorney general. "Obviously we are very grateful for their safe return."
Matthew Miller of Bakersfield, California, and Kenneth Bae of Lynnwood, Washington state, were accompanying James Clapper, the intelligence chief, back to the United States.
Miller was serving a six-year jail term on charges of espionage after he allegedly ripped his tourist visa at Pyongyang's airport in April and demanded asylum.
Bae, a Korean-American missionary with health problems, was serving a 15-year sentence for alleged anti-government activities.
He was detained in 2012 while leading a tour group to a North Korean economic zone.
US officials did not immediately provide other details about the circumstances of the Americans' release or when they would return home.
Administration officials said the timing of the release was not related to President Barack Obama's imminent trip to China, Myanmar and Australia.
Clapper traveled to North Korea as a presidential envoy, officials said, and apparently is the highest-ranking administration official to visit Pyongyang.
Bae and Miller were the last Americans held by North Korea following the release last month of Jeffrey Fowle of Miamisburg, Ohio, who was held for nearly six months.
He had left a Bible in a nightclub in the hope that it would reach North Korea's underground Christian community.
Fowle said his fellow Americans' release is "an answer to a prayer." He said he initially thought Bae and Miller had been released with him last month.
"I didn't realize they weren't released with me until I got on the plane," he said.
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