Rower Grainger was made a Dame in recognition of her commitment to sport and charity while Archibald receives an MBE for her services to cycling.
Former Beardsden Academy pupil Grainger became Great Britain’s most decorated female Olympian as she won silver in the double sculls in Rio with Vicky Thornley, her fifth medal in five Games.
She was appointed an MBE in 2006 and a CBE in 2013 for her services to rowing, while this latest honour also recognises her work in the wider sporting landscape and in charity work.
She said: “This is an enormous honour and something I could never have imagined when I started my rowing career with British Rowing twenty years ago. It also reflects the fantastic leaps forward our sport has made in that time. I have to thank all of my team-mates and coaches and the support staff I have worked with over that time.”
Archibald, from Milngavie, was part of the women’s pursuit team who took gold in Brazil, smashing the world record on the way.
She also won two European golds and a silver and was among a host of British cyclists to be honoured.
British Cycling president Bob Howden said: “I am very proud that our sport has such wonderful ambassadors who inspire huge numbers of people to get on their bikes.”