Three people were taken to hospital and 14 were treated after the bus had driven through railings at the scene on Bishopstoke Road.
Bluestar confirmed that one of its drivers were among those injured, with police closing the road and confirming that it might remain shut for “up to 12 hours” in a recent update.
The bus was serving the College 607 and carrying 19 passengers at the time, many of which are believed to have been Barton Peveril College students.
The school asked parents not to attend the scene and instead pick up their children from an incident centre at The Hub further down Bishopstoke Road.
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Three “high priority” patients have been taken to the hospital.
The latest update from Hampshire police said: “We are currently dealing with an incident on Bishopstoke Road in Eastleigh, after College Bus 607 for Barton Peveril students left the carriageway into a river.
“Emergency services are in attendance and the road has been closed so please avoid the area.
“It is anticipated the road may be closed for up to 12 hours for investigation and recovery work.
“Everyone on the bus has been accounted for and all injured persons are being treated by the ambulance service.”
See photos from the scene in the gallery at the top of the article.