The incident occurred at Northern Boulevard and 48th Street in Sunnyside section.
The victims were taken to Elmhurst Hospital - two are in critical condition, two have minor injuries, and one is serious, but stable.
Witnesses say the driver was going so fast that it almost completely ran over the bus station. Shattered glass littered the street, and items from the victims were thrown across the sidewalk.
"They were literally run over," said eyewitness Joel Duran.
Police are hoping that the white Mazda and surveillance video will help them track down the driver.