Built in 1914, the landmarks belonged to the former Caldwells Paper Mill, which closed down.
They were felled in tandem in a matter of seconds as local residents watched.
The old mill has suffered a spate of fires and some vandalism since it was closed.
Rusty Wilson, Paul Nicol, Brandon Brown and Charlotte Lumsden were given the honour of pressing the button that blasted the lums, the Dunfermline Press reported.
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They had won a competition run by The Keithing, the town's community newsletter, in conjunction with Dem-Master.
Mr Wilson worked at the mill for 49 years, following in his father's footsteps.
Between them, he and his father served the mill for exactly a century.
The 74-year-old told the Dunfermline Press: "I was quite overwhelmed to be chosen, I never expected to be picked.
"I worked there all that time and to be one of the people who pressed the button that knocked it down was quite emotional.
"A lot of people are very sad to see it go, especially the older folks.
"It was the main employer and at one time you could hardly meet a family in Inverkeithing that didn't have someone working there.
"I took a brick away and it's now sitting in my garden."
Competition organiser Angela Morrison said there was a "sense of loss" after the chimneys came down, and people wanted them to be replaced by housing or "something that will reflect the history of the site".
(NE/GK)
