Police called the Holyhead Maritime Rescue Coordination Centre (MRCC) after spotting two people in the water at around 12.50am this morning (August 12).
The two casualties were desperately clinging onto the supports underneath North Pier as crews from Lytham Coastguard arrived.
Watching the dangerous situation unfold, police threw the casualties life rings before crews "took charge" and pulled one of them to safety.
After several failed attempts to rescue the second person, crews from RNLI Blackpool finally managed to recover them despite the "very difficult conditions".
Both casualties were passed into the care of ambulance crews at the scene.
"Fantastic teamwork between ourselves and RNLI Blackpool resulted in two lives saved," a spokesman for Lytham Coastguard said.
If you see a coastal emergency, call 999 and ask for the Coastguard.
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