An SUV traveling southbound crossed a median, drove into the northbound lanes, and hit the bus Sunday morning, according to police.
The driver of the SUV died, and a passenger in the vehicle was rushed to a hospital in serious condition, according to ABC13's affiliate WFAA.
Investigators said two passengers on the bus escaped serious injuries after both vehicles burst into flames.
In a Facebook post, Santa's Wonderland said a College Station police officer saved the bus driver's life by pulling him out of the burning vehicle.
The driver, identified as Calvin Hill, was rushed to a Houston hospital by a medical helicopter.
Hill is a coach for a high school football team, track and field team, and a special education teacher, according to Rudder High School's website.
"We ask that you keep Coach Hill and his family in your prayers," the school said in a tweet.
The bus shuttles visitors to Santa's Wonderland, a seasonal theme park that features hayrides and ice skating.