The Ministry of Education (MoD) said the rocket landed in the vicinity of Shahid Mawlavi Habib-ur-Rehman high school this morning.
A statement by MoE said the deceased students have been identified as third grade student Mohammad Shakir and eight grade student Mohammad Zakir.
The statement further added that four others studying in second and third grades were wounded in the attack.
The ministry strongly condemned the attack on the school and urged the security personnel to take immediate steps in arresting the perpetrators of the incident.
No group including the Taliban militants has so far claimed responsibility behind the incident.
Laghman is among the relatively volatile provinces in eastern Afghanistan where anti-government armed militant groups including the Taliban insurgents are active in a number of its districts and often carry out insurgency activities.
This comes as a roadside bomb targeted a vehicle carrying the Ministry of Education employees in Kabul earlier this week, leaving two dead and five others wounded.