Authorities said shots erupted shortly before 1 a.m. outside The Library nightclub, located at 7042 Folsom Blvd. and just south of the California State University, Sacramento campus.
The road was shut down until about 7:30 a.m. as police investigated the scene.
Police said the incident began when a fight broke out between two groups of alleged gang members inside the bar, which is a popular hangout for college students.
The two groups were escorted out by security. Officials said the altercation continued outside in the parking lot where at one point, a man involved in the dispute pulled out a gun.
Members of the opposing group got into their car and sped away westbound on Folsom Boulevard. The man with the gun fired several rounds at the speeding vehicle, police said.
One of the bullets hit a 20-year-old woman in the neck. Authorities said the injured woman, who was not expected to survive, was sitting in her car across the street and was not involved in the fight.
Police said they are still searching for the shooter, who was described as a black man in his late teens or early 20s.
Anyone with information may call Crime Alert at 916-443-HELP or 800-AA-CRIME.