A young boy threw a life ring into the water off Bispham to save his two friends.
The lad has now been praised for keeping his cool during the drama, which happened shortly after 6pm on Tuesday.
A spokesman for the Coastguard service in Fleetwood said he was with the two girls, aged 11 and 12, when they climbed down metal ladders and sat on a slope beside the Irish Sea.
“They then tried to get up and one slipped into the water, while the second girl went in to rescue the first,” he said.
“The team was paged following initial reports two children had fallen into the water and were struggling to get out.
“On arrival, both children had been recovered and were being checked by paramedics.
“Both children were admitted to the care of the NHS for further treatment.
“Thanks to all those that assisted with this incident, especially the young man who did the right thing.”
The mum of one of the girls said she is ‘so grateful to all involved’ in rescuing the pair and said: “It could have been such a different story. Thankfully they are both safe.”
The rescue came just a day after a cyclist and three holidaymakers from Wakefield in Yorkshire pulled a distraught 19-year-old girl woman from the water near North Pier.
John Chapman, 31, was cycling home from a friend’s house when he said he saw the well-dressed teen descend steps behind the Metropole hotel into the cold water.
He threw a life ring and yelled at tourists Daniel Rawden, Oliver Nunn, and Nick Wray to help him.
Paul Little, the Coastguard’s station officer for Lytham, Blackpool, and Cleveleys, said: “They were very brave. Between the four of them they have saved her life.
“She would not have survived very long in the water and it would have been a completely different outcome. It was selfless.”
The 19-year-old girl was taken to Blackpool Victoria Hospital suffering from the effects of the cold, but was discharged later on.