The Winston-Salem State University said in a Facebook post that the incident was reported overnight at about 1:20 am local time (0520 GMT).
The school was subsequently placed on a lockdown that lasted for more than three hours.
"We can confirm that there has been one fatality and one injured individual," the post said. "Both are believed to be students."
It urged witnesses with any information on the whereabouts of a male suspect named in the post to come forward.
On October 1, a gunman opened fire at a community college in Oregon, killing nine before taking his own life.