The crash occurred at about 1:31 a.m. near the intersection of Sycamore Drive and Morley Street.
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A woman trapped inside the Nissan 350Z was declared dead at the scene, said Ventura County Fire Department Battalion Chief Daniel Preston.
Two patients, including a woman who was ejected from the vehicle, were transported to Los Robles Regional Medical Center in Thousand Oaks with critical injuries. The other survivor was identified only as a man.
The name of the person who died was not immediately released.
The vehicle struck the house, but no one inside the residence was injured, Preston said.
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Video from the scene showed the car flipped onto its roof at the front lawn of the home, with a wall of the home damaged.
A young man's bed is in his room on the other side of the point of impact, police said. He was not in the bed at the time.
"We are very fortunate that no one inside that residence was injured," a police spokesman said.
Inspectors checked the structural integrity of the home, and it was later yellow-tagged.
Whether the driver was impaired remained under investigation, but police said speed was a factor in the crash.