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The three victims were in the 1200 block of West Thorndale Avenue around 3:36 p.m. when they were shot from offenders in a passing vehicle, officials said.
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The victim who died was identified by the Cook County Medical Examiner's Office as 16-year-old Daveon Gibson. He was pronounced dead at St. Francis hospital.
Another 16-year-old male victim was also taken to St. Francis hospital and a 15-year-old male victim was taken to Illinois Masonic hospital. One remains in critical condition and the other is stable, CPD Superintendent Larry Snelling said.
"There was a vehicle that pulled up ... several individuals got out of that vehicle and fired weapons in the direction of these individuals, striking all three," Snelling said.
Authorities provide update after 3 teens shot in Edgewater
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All three teens are students at Nicholas Senn High School, which is located a few blocks away from where the shooting happened, police said.
It's the second shooting in the last week involving teenage students in Chicago. Just last Friday, two teenage boys were shot and killed in the Loop shortly after leaving Innovations High School.
Chicago Mayor Brandon Johnson made a rare appearance at the shooting scene, saying the violence among Chicago's youth is out of hand.
"The loss of life is horrific under all circumstances, but it is especially harsh when our young people are targeted," Johnson said. "We're not gonna allow these acts of terror to disrupt our livelihoods. My children will be in school tomorrow and children across this city will be in schools tomorrow. We're gonna do everything in our power to make sure our young ones are safe."
Snelling said resources will be available for students at Senn High School.
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"In the past, with schools where we know we've had volatile incidents, we've made sure to have additional presence around those schools," Snelling said. "We're going to have special attention around all the schools, across the districts, across the city. We will make sure we have a police presence at dismissal and at the time students are arriving at school."
Community activist Andrew Holmes announced a $2,000 reward to track down the people responsible.
"This mother and this father have to go through this. No graduation... family reunion. And the only family reunion that they're having this year is for families to come in and grieve over the loss of a loved one," Holmes said.
No arrests have been made. No further information was immediately available.