Witnesses have said at least one person is dead.
A speeding vehicle smashed into pedestrians, according to an announcement at nearby Reuters news agency headquarters.
Those struck by the dark coloured car are being placed on stretchers in the busy tourist spot.
The New York Police Department has sealed off the area.
Buildings are in lockdown and people are being forced away from the scene.
Witnesses said at least 10 people were being treated for injuries on the ground after the collision at the Midtown Manhattan tourist site.
At least 10 people have been injured after a car hit pedestrians in Times Square
Car pictured in Times Square after hitting pedestrians in Times Square
David Shuster Tweeted from his nearby office: “Vehicle just drove on sidewalk Times Square on 7th between 42nd/43rd, People down. Police on scene.
“Buildings in lock down, including ours.”
Another witness said people were “screaming and running”.
Witnesses have said people were 'screaming and running' away from Times Square