West Yorkshire Police said three other people were injured in the incident involving a BMW 5 Series car in Wakefield Road, Huddersfield, on Wednesday morning.
The 15-year-old - named locally as Shelley College pupil Katelyn Dawson - was taken to Leeds General Infirmary by air ambulance but police later confirmed she had died.
A force spokeswoman said a 47-year-old woman was taken to Leeds General Infirmary with life-threatening injuries and is described as being in stable condition.
A 17-year-old girl was taken to Huddersfield Royal Infirmary with serious injuries but they are not believed to be life-threatening.
The driver of the BMW, a 51-year-old man, was also taken to Huddersfield Royal with injuries that are not believed to be life-threatening.
A message posted on Facebook by All Hallows Church, Kirkburton, near Huddersfield, said: "So sad to hear of the sudden, tragic death of 15 year-old Katelyn Dawson, a pupil at Shelley College.
"Katelyn's family and friends are in our prayers."
Police said the crash happened at about 8.15am near the junction with Broad Lane.
Witnesses said the bus stop was demolished by the car.
The spokesman said: "Officers are appealing for anyone who may have been in the area around the time of the incident and who may have seen the grey BMW travelling before the collision, or who witnessed the collision itself, to come forward with any information."