A police spokeswoman said the crash happened at the intersection of Miller and Maungatua Rds in Woodside, on the Taieri Plain, about 6.20pm.
No motorised vehicles were involved.
Emergency services including a helicopter were sent to the scene.
Outram Volunteer Fire Brigade Chief Fire Officer Stu Casey said seven cyclists have ben hurt, with injuries ranging from minor scrapes to a broken leg.
They had been riding in a group when one went down and the rest followed, resulting in several cyclists going over the top.
The group was usually out cycling every Wednesday night in East Taieri, Mr Casey said.
Miller Rd is closed and drivers have been asked to avoid the area, police said.