In the present work, the spectra of sixteen optical functions of N2 and O2 cryocrystals were calculated in the region of 5 – 35 eV at 10 K. Their main features and general patterns were established. Two versions of the calculations were performed on the basis of known experimental reflection spectra R(E), spectra of characteristic electron energy loss -Imε-1(E), software packages created on the basis of the Kramers-Kronig relations and analytical formulas for the relationship between optical functions. The integral spectra of the imaginary part of the permittivity ε2(E) and the electron loss spectra of both cryocrystals were decomposed into elementary components using the improved parametric method of combined Argand diagrams, taking into account the effective number of valence electrons involved in the formation of individual bands. For both cryocrystals, a complete set of the most intense transition bands and their main parameters were determined: maximum energies Ei and half-width Hi, band area Si, and oscillator strength fi.