Neighbours living near a University of Northampton campus reported seeing police cars and firefighters called out this morning.
People living in Lion Court and Malthouse Close, Southbridge, said they heard screaming and fireworks being set off at about midnight last night.
Some said they saw lit fireworks being thrown both at people and the student accommodation buildings, as well as crowds of students running away from the fireworks.
Police attended the scene but the culprits had run off, only to return later and resume the same behaviour.
She said: "We heard screaming on and off for about an hour while the fireworks were going on. It sounded like they were absolutely terrified.
"There were students out of their rooms and I saw fireworks striking the buildings. At one point, there were about 10 security guards there trying to sort it out."
A University of Northampton spokeswoman said both the uni and police were investigating the incident.
She said: "A handful of individuals let off fireworks in the Student Village before making their escape when security arrived on the scene.
"This sort of dangerous and irresponsible behaviour cannot, and will not, be tolerated and perpetrators can expect severe penalties and possible criminal charges.
"The University would like to thank those who are assisting with enquiries, and to offer our assurances that we will do all we can to hold those responsible to account."
It is understood a number of complaints had already been submitted to the university by Southbridge residents about disruption created by some students.
Loud music, students gathering outside homes and pranks are among the issue raised.
The university has invited some complainants to a forum set upp to address "community issues arising from the opening of Waterside Campus".