A 91-year-old woman has a head injury and a 72-year-old woman has a serious leg injury following the crash on Scoonie Road in Leven just before 09:30.
It is understood a Honda Civic hit a parked Ford B-Max, which then crashed into the pedestrians and the wall.
The 35-year-old driver of the Honda is in hospital with minor injuries.
The Scottish Ambulance Service took the three women to Victoria Hospital in Kirkcaldy.
Their injuries are not thought to be life threatening.
Nobody was in the parked car.
Two elderly pedestrians are in hospital after being hit by a car that ploughed into a wall in Fife.