Mr Cameron nominated 13 new life peers, including Conservative donors and Downing Street staff, while Mr Corbyn also attracted criticism by nominating civil liberties campaigner Shami Chakrabarti shortly after she completed a report on allegations of anti-Semitism in the Labour Party.
The Labour leader told The Sunday Mirror: "I want the House of Lords abolished and replaced by an elected upper chamber."
Describing the 800-member second chamber as "far too big", he added: "Cameron's cronyism has been quite appalling.
"Honours appear to be linked to donations to political parties and personal service to members of his family. I would also say that serving politicians should not be given honours because it's honour enough to be elected to public office."