The Hamas-run Palestinian Ministry of Health announced the casualties without citing how many are civilians and how many are Hamas militants.
The school compound is located in Deir-al Balah in central Gaza, where the IDF said Hamas established a command center in violation of international law.
Most of those injured or killed were treated at the Al-Aqsa Martyrs Hospital, where a spokesperson said most of the victims are women and children.
The IDF earlier issued evacuation orders in Khan Younis in advance of a new offensive against Hamas militants there.
Residents of the southern neighborhoods in Khan Younis were warned to leave, but Hamas does not allow civilians to use its tunnel network throughout Gaza to evacuate or seek shelter.
When Israeli Prime Minister Benjamin Netanyahu addressed a joint session of Congress on Wednesday, he said Hamas leaders have said Gazan civilians "excel" as human shields.
International law forbids the use of civilian areas, such as schools and hospitals, for military purposes.
The United States on Oct. 8, 1997, designated Hamas a foreign terrorist organization.
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