It happened around 2:10 a.m. Sunday at the intersection of Charleston Road and Birchwood Lane.
Police say a 2004 Cadillac Wagon was overturned on the roadway after striking a snow embankment.
Both victims, 33-year-old Danielle Martin and 38-year-old Michele McGee, were ejected on the vehicle.
Martin was pronounced dead at the scene. McGee was flown to Capital Health Medical Center in Mercer County in serious condition.
Willingboro Township Police continue to investigate. Anyone with information is urged to contact (609) 877-2200 ext. 1083 or the Citizen Tip Hotline at (609) 877-6958.