The incident occurred early Saturday morning in Fort Valley, near Fort Valley State University, authorities said.
Several students suffered non-life-threatening injuries, the university said. They were in stable condition, authorities said.
Georgia Bureau of Investigation, which is investigating the shooting, shared a photo from the "active scene" on Twitter Saturday morning, showing a house located several blocks from the campus.
GBI also confirmed the deceased was not a Fort Valley State University student, though did not share further details.
Investigators are currently seeking the public's assistance in "identifying the person(s) responsible for the shooting," GBI said.
The university's campus was temporarily placed on lockdown "until campus police determined there was no threat to the campus community," school officials said.
The lockdown has since been lifted.
The shooting occurred during the state university's homecoming weekend.
School officials announced that its Saturday morning alumni breakfast and homecoming parade had been canceled. There will be "increased security protocols" at the homecoming game, scheduled for 2 p.m. Saturday, it said.
"Our thoughts are with the students and their families as they recover," the university said.