The children, 5 and 7 years old, were taken to the Medical College of Georgia Hospital for treatment, according to a Georgia State Patrol dispatcher.
The accident occurred about 7 a.m. while they were crossing River Road in Burke County.
The driver of the vehicle was Dennis Mulhorn, 44, of Evans, the dispatcher said. He is charged with improper passing of a school bus and failure to exercise due care - both misdemeanors. The dispatcher said one of the children had been discharged from the hospital but the other remains in intensive care.
Their names were not available.