Yes, you do need apostrophes for both of these, because your mum's food is different from your grandma's food. The sentence has two separate objects.
This is different from eg 'Ben and Jerry's ice cream' or 'Grandma and Grandad's house.' In these cases you're referring to one particular ice cream brand, or one particular house. Ben and Jerry both own the company, so you only need an apostrophe on the second name. Grandma and Grandad live in the same house, so you only need one apostrophe.
I'd also agree with Rob that it would be helpful to add 'both' to the sentence to make it clear that you like both people's food.
And to clarify Mario's point, you do have a choice about whether to use the possessive pronoun, but there is a difference. You only omit the pronoun when you are using the words 'Mom' and 'Grandma' as 'names'. Strictly speaking, if you don't use the pronoun, the word should have a capital letter, the same as any other name.
So you can say either:
"I love both my mom's and my grandma's food"
or
"I love both Mom's and Grandma's food"
The first example uses possessive pronouns and common nouns, while the second uses proper nouns and no pronouns. Mom/Mum, Dad, Grandma etc are proper nouns, because that's what you 'call' people, and like 'Javier' or 'Mario', they need capital letters.
Family members such as brother, sister, wife, husband, cousin etc can't be used as proper nouns in modern English, so they need a possessive pronoun (eg my sister, your cousin).