Little Angels Nursery Calne was closed in September after arrests were made, including one staff member. The accused were later released on bail.
Police have now said that the pair will not be charged at all and the investigation has concluded.
A spokesman for the Wiltshire Police force said: "Whilst we appreciate this has caused a considerable amount of concern in the local community, due to the nature and scope of the investigation, it was imperative given the information passed to us that our enquiries were comprehensive and thorough."
Before its closure earlier in the year, the setting could accommodate up to 78 children with nine staff members, all of which had been through the necessary checks.
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