Villa’s fourth home win of the season, and the first since the October success against Blackburn Rovers, lifts them up to fourth in the Premier League table.
Agbonlahor and Young played a part in three of the four goals in the 4-2 win over the Trotters with the former scoring twice and the latter also on target.
The attacking pair, who are close friends on and off the field, claimed assists for each other’s second-half strikes as Villa dominated after the interval.
“I thought the two of them were fantastic and they’ve combined for a couple of our goals,” said O’Neill.
“Gabby’s equaliser was terrific. It was a big moment for us because we were finding it difficult.
“Bolton had scored, which was the last thing we wanted and they were sitting in and looking quite comfortable. We had to find a piece of magic to equalise.
“It was a big moment in the game. I’m not saying that all the confidence that we’ve got in recent weeks had evaporated, far from it, but it was a big boost to us at that time.
“I thought that from that moment on ,we were in charge of the game.”
Young took all of the plaudits last weekend after his brilliant brace helped Villa secure a dramatic 3-2 victory over Everton at Goodison Park.
O’Neill felt Agbonlahor’s contribution in that game was under-estimated and believes his double against Bolton was richly deserved.
“I felt he was exceptional,” said the Villa manager. I actually thought he was terrific for us against Everton, as well.
“Sometimes, when a centre-forward comes off the field and hasn’t scored, he might feel a wee bit disheartened, but there was absolutely no reason for that at all.
“I said to him I thought he was brilliant for us against Everton and he got his rewards against Bolton. He was absolutely sensational.”
In the build-up to the Bolton match, O’Neill surprised some people by likening Young to Barcelona and Manchester United superstars Lionel Messi and Cristiano Ronaldo.
Following the winger’s quality performance against Gary Megson’s team, the Villa manager was firmly standing by his assertion that Young is “world class”.
“I think he’s top class,” said O’Neill.
“I couldn’t care less what other people think. I think he’s world-class because he keeps winning football matches for us.”
During Saturday’s game, Villa were denied a clear-cut penalty when Bolton’s former claret-and-blue defender Gary Cahill deliberately handled Gareth Barry’s cross.
O’Neill was fuming in his technical area at the time of the offence and was relieved that referee Lee Probert’s decision did not prove too costly to his team.
“It looked a penalty to me,” added O’Neill.