The resolution, introduced by outgoing Senator Tom Harkin, was the last item passed by the US Senate in the 113th Congress on Tuesday.
Describing Malala and Satyarthi as symbols of peace, the resolution says Satyarthi has personally rescued more than 82,000 children from the worst forms of child labour.
Malala has promoted education for girls in Pakistan since she was 11 years old and is an advocate for worldwide access to education, the resolution said.
Harkin first nominated Satyarthi for the Nobel Peace Prize in 2005 for his work in India and internationally to eradicate the worst forms of child labour.
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"Their efforts have not only saved thousands of childhoods, but have also inspired countless others to take action in this critical fight. I hope that this leads to new emphasis from governments, civil society organisations, and all individuals on eliminating child labour and promoting education for children around the world," Harkin said.
The resolution recognised them as symbols of peace and advocates for ending the financial exploitation of children and for the right of all children to an education.
It commended all individuals working around the world to end the scourge of child slavery and to advance education for all children; the resolution recognises the challenges that remain in ending the financial exploitation of children and providing access to an education for all children.