The crash happened just after 2 a.m. Saturday in the 6700 block of Rainwater Road.
Investigators say Garrett Prince, 16, a student at Millbrook High School in Raleigh, lost control of his 1999 Jeep SUV and struck a tree.
His passenger, Elizabeth Molloy, 17, also a student at Millbrook, was killed.
Prince was taken to WakeMed for non-life-threatening injuries.
He was charged with felony death by motor vehicle; careless and reckless driving; having an open container of spirituous liquor; speeding; and possession of marijuana.
Prince's bond was set at $26,000. He is scheduled to appear in court Monday.
Investigators also say speed was a factor in the crash, and that Prince was going 75 miles per hour on the neighborhood road. The posted speed limit on that road is 30 miles per hour.
A candlelight vigil was held Saturday night in Molloy's memory.
On Sunday, Superintendent Tony Tata released the following statement: "The Millbrook High community and all of us in the Wake County Public School System were saddened to learn of the death of one of our students, Elizabeth Molloy, and the injury of another in a vehicle crash early Saturday morning. All of our thoughts and prayers go out to their families, friends and loved ones. If Millbrook students want to talk to someone, our school system will have counselors available for them at school Monday. We appreciate your support of our students and of the entire Millbrook High family in this difficult time."