The accident occurred in the Andean mountain ranges near the city of Mendoza as the team was travelling by bus to Paraguay for a tournament.
Local authorities said they were investigating the cause of the crash.
Colo Colo, Chile's most successful club with 32 first division titles, expressed solidarity with families of the victims.
"We send a fraternal hug and our condolences to the families, friends and all the members of the school," the club said in a statement.
Chiles's football federation also offered its support on social media.
"We deeply regret the death of the three young Chilean athletes involved in the tragic accident."
Colo Colo and Chile national team playmaker Jorge Valdivia said on Twitter: "I want to send my heartfelt condolences to the family and friends of the boys
at the school of Colo-Colo Lo Boza who died in this tragic accident. It hurts in
my soul the loss of these three who were Colocolinos [Colo-Colo fans] at heart."
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