AP Photo/Scott Heppell, Pool; Kostsov/Shutterstock
The replica weapons from the Star Wars films were given to the chancellor by Lucasfilm in 2013, before the studio announced that the seventh instalment of Star Wars would be filmed in the UK.
Because of their price tag, the lightsabers are held by the Treasury, instead of the minister, the Mail said.
"Replica lightsabers, these toys are," a Treasury spokesman confirmed, after the nugget of information was revealed in a freedom of information request, the Times said.
The Treasury would not say which colours the lightsabers are, although the standard blade colours are blue or green (for the Jedi) and red (used by the Sith).
The gift is fitting for Osborne, who is a huge Star Wars fan. In May, he announced that the eighth episode of Star Wars would become the fourth instalment to be filmed in the UK.
Production of "Star Wars Episode VIII" will be based at Pinewood Studios with a release date scheduled for 2017.