Clarke, 23, recently joined the Wood from Quorn at the end of July and has since made two appearances.
Montague moved in August from Chasetown, featuring six times and scoring twice in their season-opening 4-1 victory away at Sutton Coldfield Town.
Both players depart the club as they look to secure more frequent game time.
In a statement, a Walsall Wood club spokesperson said: “Walsall Wood FC can confirm that Jordan Clarke and Kyle Montague have left the football club in search of regular football.
“We would like to wish Jordan and Kyle all the best in the future and thank them for their efforts whilst they were with the club.”
Photo credit: Walsall Wood