The Wigan-born player made just 11 appearances for Blues during the 2017/18 campaign, with the last of those coming in the 3-1 away defeat at Bristol City in April.BCFC
Both players will therefore depart Blues this summer.
Lowe joined Blues on a one-year-deal on the final day of August 2017 transfer window after leaving Blackburn Rovers.
The Wigan-born player made just 11 appearances for Blues during the 2017/18 campaign, with the last of those coming in the 3-1 away defeat at Bristol City in April.
Meanwhile, Shinnie exits St. Andrew's after racking up 72 appearances and scoring six goals.
His final game in a Blues shirt came against Bournemouth back in January 2016 in an FA Cup third round tie.
The 28-year-old spent the whole of last season on loan at Luton Town, where he helped the Hatters to promotion from League Two.
Prior to that, the Scotland international was out on loan with Rotherham United and Hibernian.
Shinnie had been at Blues since 2013, having moved south from Scottish side Inverness Caledonian Thistle.
Birmingham City FC wish both players well with their future footballing careers and thanks them for their contribution.