Indiana State Police troopers were dispatched just after 9:05 a.m. to the scene of the crash.
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There were 39 students on the bus, one of whom died in the crash.
Authorities have not released the child's identity. The student's family was notified.
Another student was airlifted to a local hospital. That child's injuries were not life-threatening.
The other 37 children were transported to a medical center to get checked out and reunite with their families.
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Police have not yet released any information about the bus driver, the driver of the truck or any adults that were on board the bus.
The bus was not traveling at highway speed when the crash occurred, Sgt. Ted Bohner said. Investigators are working to determine whether the bus driver had stopped at the intersection to check for a train, was slowing down or speeding up when the bus and the truck collided.
It is unclear whether the weather played a factor in the crash. Bohner said the area saw bad weather earlier on Wednesday.
The investigation is ongoing.