The incident happened near the intersection of East Street and Cabarrus Street.
Officials say the three children were ages 15, 12 and 6.
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The children were transported to WakeMed. Authorities said the 15-year-old is currently undergoing surgery.
The 12-year-old was reported to be in the trauma protocol and the 6-year-old is alert and conscious.
A witness told police that the driver had the right of way and that after the car struck the bike, the driver of the car did not leave the scene.
Breaking: Raleigh Police responding to a car-bike collision. Three kids were transported to WakeMed. The kids are 6, 12, and 15 years old. The 15-year old is now in surgery. According to a witness, police believe driver had right of way, and did not leave the scene. @ABC11_WTVD pic.twitter.com/10l3uwW0zU— Michael Perchick (@MichaelPerchick) August 19, 2018
Police had the intersection blocked off for hours as they investigated.
No other information has been released. Check back for updates.