In composite structures, the precise identification and localization of damage is necessary to preserve structural integrity in applications across such fields as aeronautical, civil, and mechanical engineering. This study presents a deep learning (DL)-assisted framework for simultaneous damage localization and severity assessment in composite structures using Lamb waves (LWs). Previous studies have often focused on either damage detection or localization in composite structures. In contrast, this study aims to perform damage detection, severity assessment, and localization using independent DL models. Three DL models, namely the artificial neural network (ANN), convolutional neural network (CNN), and gated recurrent unit (GRU), are compared. To assess their damage detection and localization capabilities. Moreover, zero-mean Gaussian noise is introduced as a data augmentation technique to address the variability and noise inherent in LW signals, improving the generalization capability of the DL models. The proposed framework is validated on a composite plate with four piezoelectric transducers, one at each corner, and achieves high accuracy in both damage localization and severity assessment, offering an effective solution for real-time structural health monitoring. This dual-function approach provides a scalable data-driven method to evaluate composite structures, with applications in predictive maintenance and reliability assurance in critical engineering systems.