It happened around 2:30 p.m. on the southbound lanes of the Parkway near Exit 25 in the Marmora section of Upper Township.
New Jersey State Police said the driver of a Ford Explorer lost control of the vehicle and went off the highway.
A front-seat passenger, identified by police as 34-year-old Shardonay Daily of Delanco, was killed in the crash.
The driver and four children, including two 10-year-olds and two 3-year-olds, sustained serious injuries, said police.
The cause of the crash remains under investigation.