The Pierce County Sheriff's Office said Tuesday both victims were hospitalized and expected to survive, but that their conditions were not immediately known.
One of the students was found in a parking lot near the football field of Graham-Kapowsin High School.
The other student was found inside a locker room. Detective Ed Troyer says the two students were shot just off school grounds and that they ran back to campus.
Troyer says suspects fled after the shooting in a green vehicle, possibly a Chevrolet Impala.
Deputies who checked the school's grounds found no signs any suspects were there.
The sheriff's office said multiple suspects were being sought.
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.