The shooting happened in Urbana on Lincoln Avenue just across the street from the McKinley Health center and Lincoln Avenue Residence Halls.
The victims included a 22-year-old man from Palos Park, and a 23-year-old man from Park Forest. Their conditions were not known.
The third victim is U of I linebacker Trulon Henry. Illini Coach Ron Zook says Henry was shot in the hand and is recovering. Zook also says Henry will miss the rest of the regular season.
The 27-year-old played at the College of DuPage before joining the Illini for the 2010 season.
Police are still searching for the gunman.
The Associated Press contributed to this report.