The winger and full-back will be with the National League side until 2 January, 2020.
There is no recall option on the pair, and both will still be eligible for non First Team fixtures at Blues.
McCoy and Hutton have been key players for Blues Under-23s.
They were both instrumental in helping Blues to a runners-up finish in the PDL 2 North last season, and advancing to the Play-Off National Final, where they lost to Leeds United on penalties.
This will be McCoy's first loan spell away from Blues.
The 21-year-old signed a new contract in the summer.
Hutton, 21, played for Northampton Town in pre-season, who were considering him for a loan.
But Yeovil have snapped up the defender, who joined Blues in 2017 after impressing on trial from Hednesford Town.
Hutton agreed a two-year deal with Blues in May and admitted that he needed to be playing competitive first team football sooner rather than later.
Yeovil are in the process of rebuilding after relegation into non-league.
They finished bottom of League Two last season, recording just nine wins, and the Somerset club are under the charge of Darren Sarll.