Several others have been admitted to hospital after being wounded in the shooting in College Station city.
The attack happened within two streets of Texas A&M University at about 12:45 local time (17:45 GMT).
The college issued a warning to staff and students to avoid the area, saying a gunman was firing from inside a home.
It is not yet known if the gunman was a student at the university.
The policeman who died was serving an eviction notice when the suspect opened fire, local news station KBTX said.
The officer has been identified as Constable Brian Bachmann. The names of the other victims are not yet known.
Hospital officials told local media five people had been admitted to the College Station Medical Center emergency room, including three people with gunshot wounds.
At a news conference in College Station, police said the three people injured were two police officers and a woman, who was undergoing surgery at a local hospital.
Assistant chief of police Scott McCollum said the gunman was shot before being taken into custody.
Texas Governor Rick Perry, who studied at Texas A&M University, said in a tweet: "Thoughts & prayers are with those impacted by shootings near A&M. Ever thankful for officers who daily sacrifice to keep us from harm."
Texas Attorney General Greg Abbott said in a statement: "Senseless attacks by violent criminals have no place in the state of Texas."
The authorities have yet to establish a motive for the shooting.
A Texas A&M Univeristy spokeswoman told the Associated Press news agency that most students were not on campus on Monday, as the autumn term does not begin until later this month.
"It appeared to be fairly quiet," Sherylon Carroll said. "It didn't appear to be a lot of people out and about at that particular time."
Source: BBC News
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