At least two others were wounded in the shooting outside the Ozar Hatorah school in the north-east part of the city, a BBC report said quoting the police. The attacks came close on the heels of the attack on three soldiers by a man on a scooter in the same region.
The grand rabbi of France, Gilles Bernheim, who is on his way to the city, told BBC that he was horrified and stunned by what had happened. French President Nicolas Sarkozy and his education minister are en route to Toulouse.
Responding to the attack on the Jewish school, Israel said it trusted French authorities to shed full light on this tragedy and bring the perpetrators to justice.
According to Jewish media reports, the victims included Miriam Monsonegro, 8, daughter of the director of the school, Yaacov Monsonegrom; Rabbi Yonatan Sandler of Kiryat Yovel in Jerusalem who was a visiting teacher at the school; and Aryeh Sandler and Gavriel Sandler, children of Rabbi Sandler.
The shooting occurred as the students and their parents arrived at the school for the start of the day.
A 30-year-old soldier in civilian clothes was shot dead in Toulouse almost a week ago, while two soldiers were killed on Thursday in a town, 46 km away from Toulouse.