Investigators say the driver of a Chevrolet Camaro failed to stop at a three-way intersection on Old Greenhouse and Hatfield Glen.
The driver plowed through a wooden fence and into a group of people at the party.
Four people were struck, including a 38-year-old woman who died at the scene.
Two of the victims were airlifted to Memorial Hermann Hospital. The third survivor was taken by ambulance.
Witnesses say the driver took off from the scene on foot. Investigators are now looking for him.
Authorities are also questioning the vehicle owner's son. Investigators say he told them a friend borrowed the car.