Police said initial investigations suggest a Holden Commodore was travelling along William Boulevard in Pimpama when it mounted a roundabout before crashing into a retaining wall just before 1am today.
A 19-year-old male passenger was rushed to Gold Coast University Hospital in a critical condition.
A 20-year-old female passenger was also transported to Gold Coast University Hospital with suspected spinal injuries.
The driver, an 18-year-old man, was taken to hospital for mandatory testing and is assisting police with inquiries.
Two other passengers – an 18-year-old female and 19-year-old male – were assessed by paramedics.
Zoe Hackett from Queensland Ambulance Service said four of the occupants were in stable condition.
“When you’ve got five young people involved in an accident and their families all live close by it’s a very chaotic scene, very emotional scene as you can imagine,” she said.
Anyone who witnessed the crash or with information, including dashcam footage of the vehicle, is urged to contact police.