IS said they were killed in revenge for Turkish killing of Muslims.
Turkey launched a campaign against IS in northern Syria in August and is currently fighting IS around the group's stronghold of al-Bab.
The video has not been independently verified. There has so far been no comment from Turkey.
The Turkish army previously reported losing contact with two soldiers in northern Syria last month but it is unclear whether either are the men in the video.
At least one of the purported victims appears to have been captured by the group as far back as September 2015.
Turkish officials did not immediately respond to the publication of the video late on Thursday.
IS released the video through a number of its online accounts and through the messaging app Telegram.
It showed the two men, dressed in camouflage, caged in open countryside. The pair, collared and chained, were taken from the cage and made declarations to camera before being killed.
Several reports suggested that Turkey had limited access to social media sites such as Twitter and YouTube following the release of the footage. However, many users reported no interruption.
Earlier this week, 16 Turkish soldiers were killed near al-Bab, in the biggest loss for Turkish forces fighting the IS group in the region.

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Gareth Furlong gave Wales the lead in the first period before securing a second goal from a penalty stroke.
Rupert Shipperley finished a strong team goal to take Wales 3-0 up as they dominated the game.
Wales will now face either Ireland in Saturday's semi-finals with the hope of qualifying for the 2018 World Cup in India.
Co-captain Luke Hawker says they squad have developed over the course of the eight-day tournament.
"It is probably the first time this week we've put a 70 minute display together on both sides of the ball.
"Really pleasing to come away with the three goals and the victory but equally as pleasing to keep a clean sheet. That's something we pride ourselves on.
"We keep pushing ourselves. Keep asking a bit more. Every time we go back to the video and review the game just gone.
"Both our rest days were down here on the training ground and fine tuning really. It's great to see that transferring into on field performances"
A top-two finish in the eight-team tournament would lift Wales in the rankings and give them a chance of a first World Cup appearance.
Their victory against Italy puts them just one win away from the final, which would enable them to qualify for the World League Semi Finals tournament to be played this summer, which acts as a World Cup qualifier.
Wales could also qualify for the 2018 Commonwealth Games if they are ranked in the top 10 eligible nations by the end of the season.
"For us this is a victory in a sense. The tournament and coming here and getting to semi-final is great for us as a group," Hawker continued.
"We are not the sort of squad who will rest on our laurels. The hard work's done. I think we can play with a bit of freedom and go on and see if we can get that cherry at the end."

It is called Project Pilgrim - with £4m of the funding coming from the Heritage Lottery Fund - its aim is to improve the medieval building's facilities.
The proposals include building a new glass entrance, replacing the car park with a public space and installing solar panels on the Nave roof.
Project Pilgrim manager Anne Cranston said it was to "make sure the building is here for future generations".
Ms Cranston said: "From the city's point of view, there's so much regeneration going on in Gloucester and the cathedral is such an important tourist destination, we need to really work out what we can do to help with that."
She said the first thing people would see on site would be archaeologists to "reassure ourselves we're not going to disturb anything vitally significant".
"That's a very deliberate step on our part so that we don't hold up the rest of the construction programme. That'll just end up adding to the cost if we end up having to get the builders sitting there twiddling their thumbs," she said.
She said the "expensive" project had been funded completely by grants - as well as the Heritage Lottery Fund, other organisations included the Friends of Gloucester Cathedral, the Somerfield Trust and many individuals.
The project is expected to take three years to complete.
So-called Islamic State (IS) has released a video online which claims to show two captured Turkish soldiers being burned alive.
[NEXT_CONCEPT]
Wales men's hockey team are through to the semi-finals of the World League 2 tournament with a 3-0 win over Italy.
[NEXT_CONCEPT]
A £6m project to renovate Gloucester Cathedral has begun.