The incident occurred when the vehicle turned turtle while it was on its way to Bhagwan Jaswant Public School near Malwa village, they said.
The injured children, aged 5 to 12 years, were rushed to a hospital in Balotra town where five of them were stated to be serious, they said.
Ten students were later discharged from the hospital after first aid.
The driver fled from the scene after the incident, police said, adding, the vehicle has been seized and case registered against the driver for negligent driving.