The accident happened on the A96 between Huntly and Keith, Moray, on Thursday night.
One of the five people injured is said to have life-threatening injuries, with one child being understood to be amongst the injured.
It has been reported that a child has since been taken to hospital following the crash.
Police Scotland road policing sergeant Peter Henderson said: “Motorists are thanked for their patience at this time and we would urge anyone who was in the area last night leading up to the incident at around 11.50pm to please get in touch as our inquiries at the scene continue.
“Our thoughts are with all those affected by this tragic incident at this very sad time.”
Local MSP Richard Lochhead tweeted: “So sorry to hear about such an awful tragedy locally.
“My thoughts are with everyone affected and thanks to emergency services.
“Community will be shocked by this sad news.”
A section of the A96 has been closed with local diversions in place.