The incident took place near a petrol station on Sunday evening, Var-Matin newspaper reported. Two men and a woman were among those killed, the newspaper said.
The injured person was transported to a local hospital.
There are believed to be two tourists among killed people. French media say that the nationalities of the victims were not immediately known. The victims were reportedly killed by stray bullets.
"All means are being used to identify and arrest the perpetrators of the Ollioules shooting," Christophe Castaner, French Interior Minister, wrote on Twitter.
Robert Beneventi, the mayor of Ollioules, also confirmed the deadly shooting in his post on Facebook.
Police have started an investigation into the incident.