Tenerife, the largest of Spain's Canary Islands, is a popular holiday destination for Swedes.
The accident occurred on the grounds of Tenerife Airport, when a bus operated by Swedish travel company Ving veered off the road in a roundabout.
A total of 24 people were aboard the bus which was on the way to the airport, including 15 bound for Oslo, and nine for Stockholm.
"Seven people who were brought to the hospital have already been allowed to leave. Five are still there. Judging by what we have heard, there were no serious injuries," said Ving spokesperson Barbro Holmberg.