The crash happened Friday on Shaw Road between Bragg Boulevard and Murchison Road.
Police say 28-year-old Eric Lamont Bradley was driving without a license when he sped through a curve, lost control and hit the school bus nearly head-on.
Bradley is charged with driving with a revoked license, and careless and reckless driving. He also faces a seatbelt violation.
One child on the bus, the bus driver and the school bus monitor were treated for non-life-threatening injuries.
Bradley was airlifted to UNC hospitals in critical condition.