Over eight others were also injured in the accident, police said.
The deceased children belonged to Lucky Convent School in Birsinghpur, Satna district.
Senior police and government officials were rushed to the spot to take stock of the situation.
Madhya Pradesh Chief Minister Shivraj Singh Chouhan paid tribute to the children who lost their lives in the accident.
Chouhan tweeted his condolences to the families of the children. “Saddened by the news of the Satna road accident. Pay tribute to the children died during the accident. My condolences towards the afflicted families. The administration has issued the necessary guidelines. Pray to God to provide peace to the departed souls.”