Earlier, the police and army were exchanging gunfire with the attackers and several explosions were heard from the area of the Bacha Khan University in the town of Charsadda, located some 35 kilometers (21 miles) outside the city of Peshawar.
Pakistani TV stations are broadcasting footage showing heavy military presence at the university, troops rushing in and people fleeing. Ambulances are at the scene and wounded are being taken to hospital.
Police official Tariq Khan says the assault that began shortly after the university opened on Wednesday morning in the town of Charsadda, located some 35 kilometers (21 miles) outside the city of Peshawar.
No one has claimed responsibility for the attack.
The Bacha Khan University is named after the founder of a liberal, anti-Taliban political party. Pakistani Taliban have in the past targeted the party for its anti-militant policies.
A Taliban attack on a school in Peshawar in December 2014 killed over 150 people, mostly children.
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