Video footage taken at Waterside Campus shows people shooting fireworks at crowds of terrified students.
The videos were taken on Facebook between 11:30pm last night (Monday) and 2am this morning (Tuesday).
Police officers and firefighters were called to the campus accommodation after calls from people living in the nearby Southbridge estate.
On the footage, at least two people can be seen letting off fireworks near crowds of panicked students, with the explosions happening just metres over their heads. Another shoots towards a group stood watching and detonates very close by.
A witness said some of the fireworks even exploded inside buildings: "People were scared as it was very loud and fireworks were landing within blocks and very close to hitting people.
"I’m not sure how many exactly were let off in the flats but at least three. One was let off outside a flat but bounced into a flat and exploded."
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."