Authorities said 2-year-old Julius Johnson was killed and 4-year-old Robert Johnson was last listed in critical condition at UNC Hospital.
The accident along Star Ridge Road in Carthage sent a total of five people to the hospital.
Three others were treated and released from a Moore County hospital.
The State Highway Patrol told ABC11 that 19-year-old Sedrick Belk was speeding down the road when he lost control of his SUV, and struck an embankment which caused the vehicle to flip.
Troopers said two of the children were ejected from the vehicle.
Criminal charges are pending against Belk.