Allegations against Charles first emerged on social media earlier this year.
In February, the influencer - who has 25 million subscribers to his YouTube channel - was accused by one teenager of grooming, which Charles denied, saying he flirted with the person because he believed the boy to be 18.
Charles had denied previous accusations, but in Thursday's video, titled "Holding myself accountable", he admitted wrongdoing.
He says there were two incidents - one last year and one more recently - where he came to be aware that the person he was exchanging messages with was underage.
"These conversations should have never happened," Charles said in the 14-minute video. He admitted he could have searched for them on other social media platforms and found their real ages.
He also publicly apologised to the boys and said he would take time away from posting on social media to "educate" himself about these issues.
The scandal is not the first time the beauty influencer has faced a controversy.
David Dobrik, one of YouTube's top earners in 2020, recently had his channel demonetised by YouTube following a rape allegation about a former associate.
Mr Dobrik has denied any wrongdoing.
James Charles took a very familiar (cough "Never Doing This Again" cough) approach to his alleged interactions with minors, implying that he has "receipts" about them lying about their ages but that he won't show them.https://t.co/K1keeG0tLv