Kenneth Edward Watts, 16, is charged with murder, assault with a deadly weapon with intent to kill inflicting serious injury, and assault with a deadly weapon in connection with Tuesday night's incident.
Watts, of the 1200 block of Schaub Drive in Raleigh, was arrested on Greens Davey Road. He's now in the Wake County jail.
The gunfire started around 10:45 p.m. near Shaw University, outside a McDonald's restaurant on S. Wilmington Street and E. South Street, as people were leaving downtown following The Works! event.
Man shot after Raleigh fireworks dies of injuries
Police said one of the victims, 18-year-old Raheem Khary Lawrence McAllister, was taken to WakeMed with life-threatening wounds. A family member told ABC11 on Wednesday that McAllister died and they decided to donate his organs.
"He was a nice guy - like everybody was his friend," said Anajah Caldwell, a friend of McAllister's. "Everybody knew him. That's why, it's like, out of everybody, him, you know? It's crazy. You know, I loved the boy."
McAllister's sister has set up a GoFundMe page to help with his funeral expenses.
GOFUNDME: Click here if you'd like to help.
Shelby Lawrence told ABC11 that her brother will be remembered for his smile and loving nature.
"His smile was so bright, and contagious, too," Lawrence told ABC11. "His presence was always felt, and it'll be missed. He was loving; he showed love to everyone. He'd give his last to his family and friends. Even though we're confident that he's in a better place, we'd rather have him here with us."
The three other victims were treated and released.
Despite Watts' arrest, police said the investigation remains ongoing.