A vigil was held on Tuesday evening as the school community struggled to come to terms with the tragedy.
The school will be open on Wednesday with support from counsellors for any student who wishes to attend, staff said on the school's Facebook page.
The 52-year-old woman driver has reportedly asked for forgiveness. Police do not believe it was an intentional act.
Her lawyer has told the Daily Telegraph she was "deeply sorry for the loss and hurt suffered by the children, the school, the families and the community".
School gate tributes
Dozens of tributes have been left at the gates of Sydney's Banksia Road Public School where two students were killed when a car ploughed into a classroom.
A Sydney school community has gathered to pay tribute to two students who were killed in a tragic crash.
Two boys, both aged eight, died when a car ploughed into a classroom at their school, Banksia Road Public School, in Sydney's southwest.
Dozens of heartfelt messages and flowers were left outside the school gates as students, teachers and family gathered at a vigil to remember the young children.
"A good heart has stopped beating, a good soul ascended to heaven," one message, that hung on the gates of the Greenacre school, read.
"You will never be forgotten."
Two young students were killed when a car crashed into a classroom at the school on Tuesday morning (AAP) Source: AAP
"Suddenly I heard this crash," student Shiloh Nakauta said.
"I started to get all worried, and I saw my friend... coming out, covered in blood and then I saw another boy who couldn't wake up."
"Just heard a 'bang' in the classroom, and we thought it was nothing," another student Remis Shehavalden said.
"Then the teachers screamed to us 'leave everything'
"I was super scared."
A Toyota Kluger driven by a woman, 52, hit the weatherboard building at Banksia Road Primary School in Greenacre about 9.45am on Tuesday.
Members of the community attend a vigil outside Banksia Road Public School in Sydney after two young students were killed when a car crashed into a classroom (AAP) Source: AAP
It continued through the wall and into the class of 24 Year 3 students, who were studying inside.
Police say the woman has been charged with two counts of dangerous driving occasioning death and her licence has been suspended.
She has been granted conditional bail to appear at Bankstown Local Court on November 29.
Onlookers reportedly rushed in to free the children, pinned under wreckage, and administer first aid until help arrived.
Paramedics arrived to "a scene of carnage" with "distressed and overwhelmed children and teachers", NSW Ambulance superintendent Stephanie Radnidge told reporters.
It was "pandemonium", Supt Radnidge said.
Five students were initially taken to Westmead Children's Hospital NSW Ambulance and police later confirmed two boys aged eight years old had died.
A nine-year-old girl is in a serious condition and two eight-year-old girls are in a stable condition.
Year Four student Mariam Issmail was in a nearby classroom when the car smashed into the school.
"We were just doing work and all of a sudden we heard this big bang," she told AAP.
Mariam says multiple schoolmates were injured, adding that twin girls were among those hurt.
"(Students) were screaming, saying they wanted their mum, I want help," she said.
Mariam's mother Khadige Issmail was at Bankstown when she heard the news.
"Everything went blank," she said.
"Obviously, this is a very, very tragic event," NSW Police Acting Assistant Commissioner Stuart Smith told reporters.
The driver, who did not require medical treatment, was taken to hospital for mandatory blood and urine tests.
The car was on the school grounds when the incident happened.
Two chaplains were brought in to the school to support the victims.
"They were crying, they were distressed, some were asking for their parents," Supt Radnidge said.
Supt Radnidge said the boys who died had suffered multiple traumas and were unconscious when they were rushed to hospital.
"It is very, very hard because we are parents ourselves, we are human beings," she added.
