Police said the vehicle carrying the 45-year-old former Saturday Night Live and 30 Rock cast member and six others was involved in a six-vehicle accident on the New Jersey Turnpike, near Cranbury Township, at about 1am.
A spokesman at Robert Wood Johnson University Hospital Centre in New Brunswick, New Jersey, said he is in a critical condition.
Police said one person riding in the vehicle with Morgan was killed.
Two tractor-trailers, a sports utility vehicle and two cars, along with Morgan's limo bus, were involved in the accident.
The 45-year-old joined Saturday Night Live in 1996 and was on the sketch-comedy programme for seven years before leaving to star in The Tracy Morgan Show in 2003.
That show lasted just one season. In 2006, Morgan found a long-running role in NBC's hit show 30 Rock, which was created by Tina Fey.