The accident happened just before 8 a.m. on Peace Street.
The driver of the car was taken to WakeMed with what appeared to be serious injuries, according to officials.
One student on the bus was also taken to the hospital as a precaution.
It is unclear how the accident happened and how many students were on board when the collision happened. Further details have not been released at this time.
Peace Street between Capital Boulevard and Glenwood Avenue had to be closed for a short while, so police and EMS could respond to the scene.