A gunman opened fire about 100 years away from the school, near Childress Drive and Panther Trail, at about 4 p.m.
"We heard five to six shots and when we turned around we saw everyone scattering," an eyewitness told WSB-TV.
Atlanta Public Schools confirmed that four victims were Therrell students. None of the injuries are believed to be life-threatening.
Sgt. Greg Lyon, of the Atlanta Police Department, told the Atlanta Journal Constitution that the five victims were in stable condition at Grady Hospital.
"Obviously they've been shot, it's a serious injury, but I've been told no one is deceased and everyone is stable," Lyon said.
As a result of the shooting, Atlanta Public School systems said book bags and backpacks would be banned from Therrell High for the rest of the year.
(cont) As a precaution, #APS and APD will provide extra campus security @ Therell. No book bags or backpacks for remainder of year. --end--— ATL Public Schools (@apsupdate) May 14, 2014