The victim was identified as Anthony Darnell Liddell, 19, of Bennettsville, S.C., Coastal Carolina's communications office said in a statement.
The shooter was at-large, police said.
CCU Department of Public Safety Police Chief David Roper determined students, faculty and staff were no longer under a threat, so classes will be conducted Wednesday as scheduled, the statement said.
School spokesman Doug Bell told CNN the shooting occurred on campus shortly before 7:30 p.m. Tuesday outside University Place residence hall on the Conway campus.
Bell said the suspect fled in a vehicle.
The (Myrtle Beach) Sun News reported University Place resident Kaitlin Eriksen said she heard four or five shots and went out on her balcony to see where they came from. She said she saw the victim fall against the back of a car's rear window.
"He took about two steps back and then collapsed. He just fell out there," Eriksen told The Sun News.
The school, about 15 miles northwest of Myrtle Beach, has more than 9,000 students.
The Sun News said CCU spokeswoman Martha Hunn said students and staff were alerted via email and text messages that a shooter was on campus and students were to remain where they were.