Police said the incident, which took place on Israeli Independence Day, involved two suspected attackers. One fired a rifle while the other attacked people with an axe or a knife, police said.
Pictures from the scene showed multiple emergency vehicles including ambulances and motorcycles.
Two of the wounded have arrived at Beilinson hospital, the hospital said. One is in critical condition and one in serious condition, it said.
The attack marks the latest in a series of violent incidents that have put Israel and the Palestinian territories on edge in recent weeks. Last month, two people were killed and more than a dozen others were wounded in a shooting at a bar in a busy area of Tel Aviv.
This is a developing story….more to come
Read More: At least three killed in suspected terror attack in Israel