The pair, 47 and 22, from the Fenham area of Newcastle, got into trouble off the South Shields coast at noon on Saturday.
Their 14ft sailing yacht overturned between the piers at Tynemouth and South Shields.
The crew of a passing yacht raised the alarm after seeing the two men struggling to right the vessel.
The Humber Coastguard rescue centre launched the Tynemouth RNLI inshore lifeboat to help the men.
The crew plucked the yachtsmen out of the water. The father and son were unharmed.