Hepatitis B virus (HBV) and hepatitis C virus (HCV) have significant impacts on global public health, necessitating a deep understanding of their transmission dynamics and risk factors. Given the high prevalence in Pakistan and the critical role of healthcare education, this study aimed to assess medical students’ knowledge of transmission risk factors and common myths and misconceptions about HBV and HCV. An exploratory study was conducted in May 2022 at Rai Medical College, Sargodha, Pakistan. A total of 376 undergraduate medical students were recruited using a convenient sampling technique. Participants completed self-administered questionnaires to assess their knowledge of HBV and HCV transmission risk factors and associated myths and misconceptions. The data were analyzed for frequencies and percentages with SPSS version 25.00. The majority of students accurately identified traditional transmission pathways for HBV, with 78.72% recognizing transmission during pregnancy and 73.14% during delivery. However, knowledge about nontraditional transmission routes and household practices was less robust, with only 60.64% acknowledging the risks of sharing nail cutters. For HCV, knowledge was generally lower, with 62.77% recognizing the risk associated with tattooing. Misconceptions were also prevalent; for instance, 53.99% of students mistakenly believed that HBV could be transmitted through the home care of patients. This study highlights significant knowledge gaps and pervasive misconceptions among medical students regarding HBV and HCV transmission. Despite a good grasp of traditional risk factors, the widespread misunderstanding of nonbloodborne transmission routes underscores the urgent need for enhanced educational interventions. The findings suggest that targeted improvements in curriculum design could better equip future healthcare providers to combat hepatitis effectively.