The small, yellow bus was carrying three students from the Dayton Street Elementary School when shots were fired just before 5 p.m. Tuesday.
Newark police spokesman Hubert Henderson said one round struck the door of the bus, shattering its window. The driver drove the bus to a safe location, then called police.
One person on the street was grazed by a bullet. He was treated and released from University Hospital.
It was not known who fired the shots.
Henderson said police are still trying to sort out what happened.