Davis played six games for the Crows after joining the club in 2016, while O'Connor made just the three appearcnes at West Lakes.
The club confirmed the delistings on Friday, with Davis set to be considered for a re-listing as a rookie selection following next month's National Draft.
“At this time of year, there are always difficult decisions that need to be made at AFL clubs and in this case it unfortunately means saying goodbye to two quality people in Ben and Ronin,” Crows list manager Justin Reid said on the decision.
“Both have overcome hurdles since arriving at the Club, whether it be injury or the limited opportunities that existed in the 2020 season which was affected by Covid-19.
“We would like to thank them for their contribution both on and off the field and wish them well for their future, they are both of great character and will always be welcome back as part of the Crows family.”