The incident occurred on Melinda Road at Paseo Alegria around 11 p.m.
The Orange County Sheriff's Department says the teens were traveling southbound around a curve when their car went off the road, careened down an embankment and crashed into two trees.
Some of the girls had to be extricated.
The two victims listed in critical condition were transported to Mission Hospital Regional Trauma Center in Mission Viejo.
Two other victims were transported to Western Medical Center in Santa Ana. The fifth patient was taken to Saddleback Memorial Medical Center in Laguna Hills.
Officials say their ages ranged from 16 years old to 19 years old.
Investigators say speed and possibly moisture left over from the rain played a part in the crash.