The victims, students of different schools, were walking to school when a recklessly driven tempo hit them near Marve Road, junction in Malad, police said.
The deceased has been identified as Muskan Menon, said police.
The injured students are undergoing treatment at a hospital where condition of one of them is stated to be critical, he said.
The tempo driver fled from the spot after the accident and case has been filed under relevant sections of the IPC, the official said.