The collision involving a black Peugeot 206 happened on the B9013 Sheriffston to Orton road, near Altonside, at 21:10 on Monday.
Two men aged 30 and 19 were seriously injured and are being treated at Aberdeen Royal Infirmary.
A 23-year-old woman suffered fractures and another 19-year-old man sustained minor injuries.
The road is currently closed and police have appealed for witnesses.
Four people travelling in the same car have been injured in a serious crash in Moray.