Sheriff's officials said that one suspect was in custody, and the school warned on an online campus alert page that another was still at large.
The CyFair campus of Lone Star College, outside Houston, ordered students to find shelter somewhere safe.
At least two medical helicopters were responding. Video from KPRC, the NBC affiliate in Houston, showed a person on a gurney being loaded into a helicopter.
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The stabbing happened at 11:20 a.m., Lone Star College said in its statement.
"There are multiple injuries and conflicting reports on the total number of victims and severity of injuries. We can confirm that several people have been transported to area hospitals," the statement said.
In January, three people were shot at a separate campus of the same college. A federal official said that those shootings appeared to be gang-related. A 22-year-old man was charged with aggravated assault.