The incident happened at around 1am on Tuesday, June 22 at a property on Wesley Crescent in Shifnal.
Police are now appealing for any witnesses to come forward with information.
The offenders stole the keys and a BMW 7 Series car, which police said was later recovered near the M54.
A spokesperson from West Mercia Police said: "At around 1am on Tuesday (22 June) offenders have gained entry to the property and threatened the sleeping occupant.
"The 80-year-old man has then been assaulted by the two offenders resulting in injuries including abrasions to his hands and arms, bruising and broken ribs.
"The offenders stole the keys and a BMW 7 Series 11 registration car, which was a short time later recovered near the M54.
"We are appealing to anyone who may have any information or saw any suspicious activity in the area to come forward.
"We are particularly keen to hear from anyone driving in the vicinity at the time with dashcam."
Those with information should contact DS Andria Ross from Shrewsbury police station on 01743 238470 quoting reference 24i 22 June.