One of the women had to be cut free from her vehicle after the two car crash outside Queen Anne High School in Dunfermline.
She has been taken to hospital with possible fractures and a head injury.
A four-year-old boy and another young child as well as a second woman were taken to hospital but it is not thought that their injuries are serious.
The crash took place just after 9am this morning (Fri).
Ambulance, police and fire crews were all in attendance and the road was closed for around two hours.