We consider the 2-generated free metabelian associative and Lie algebras over the complex field and the invariants of the dihedral groups of finite order acting on these algebras. In the associative case we find a finite set of generators of the algebra of invariants. In the Lie case, when the algebra of invariants is not finitely generated, we give a minimal system of generators of the invariants in the commutator ideal as a module of the algebra of the invariants in the polynomial algebra in two variables. In both associative and Lie cases we compute the Hilbert series of the algebras of invariants.