The killings took place over two separate sites of the campus with a two hour interval between the shootings.
At present, it is believed that just one gunman - who is now dead - was responsible for all the deaths.
Virginia Tech president Charles Steger told the press: "This is a tragedy of monumental proportions."
Campus police chief Wendell Finchum said that the suspect, a male, was now dead and that investigations were now ongoing to determine whether he killed himself or whether he was shot by officers at the scene.
The shocking incident, which took place at Virginia Tech University, renowned for its science and engineering degrees, has stunned Americans and the wider international community.
Campus police were alerted to multiple shootings at about 7.15am (11.15 GMT) in West Ambler Johnston Hall, a dormitory housing some 900 students. It was followed by more shooting at another campus building, Norris Hall, Steger said.
US President George W Bush has spoken with Steger and Governor Timothy M Kaine since the tragedy.
"I told them that Laura and I and many across our nation are praying for the victims and all the members of university community that have been devastated by this terrible tragedy.
"Today our nation grieves with those who have lost loved ones at Virginia Tech.
"We hold the victims in our hearts. We lift them up in our prayers and we ask a loving God to comfort those who are suffering today."
Virginia Tech University has about 26,000 students, and is situated approximately 240 miles from Washington DC.
Graduate student Elizabeth Stewart told CNN: "It's just shock and anger around here right now."
She said she would continue her studies at the establishment saying: "I love my school with all my heart and soul."
Counsellors have been attending distressed students across the campus in the aftermath of the tragedy.
