Dennis Green, 38, is charged with attempted first degree murder, aggravated battery of a transit employee, possession of a firearm with a defaced serial number, and "armed habitual criminal," all felonies.
Police said the bus driver, 34, was physically attacked and then shot at about 8:50 p.m. in the first block of East Washington Avenue.
He was shot in the jaw and was transported to Northwestern Memorial Hospital in serious condition, police said.
No further information was immediately available.
The Sun-Times Media Wire contributed to this report