Authorities said two of the wounded died at the scene, and the third died en route to the hospital.
A suspect is not in custody but they have been described as a black male in his mid-20's wearing blue jean shorts with a black hoodie and a black auto.
Here are the media sources covering the incident so far.
"The fact that all three belonged to a gang", Beth explained, "and they all seem to be quite well-known by gang officers in other locations where they come from leads me to believe this was gang related". There were thousands and thousands of people and it was quite chaotic, " Beth said.
"I don't know if this is retaliation, I don't know if this is a family trouble, I really don't know", Beth said.
"[The suspect is] a black male in his 20s, cut-off blue jean shorts, black hoodie sweatshirt, in his 20s with shaved head on the side and hair up on top", said Kenosha County Sheriff David Beth.
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Australian Minister for Defence Senator Marise Payne said Australian Defence Force (ADF) capabilities had been deployed to assist. The aircraft was in Australia for a joint military training exercise held by the USA and Australia last month in Shoalwater Bay.
"They have no idea what happened, what caused this", the sheriff said after getting a statement from friends of the victims.
Beth said they do not have a suspect in custody.
Beth said the KCSD is working with Milwaukee area police, Aurora police and the Federal Bureau of Investigation. The sheriff's office estimated that more than 5,000 people were at the raceway for the event.
The scene was processed until 4 a.m. on Monday.
Great Lakes Dragaway is a dragstrip near Union Grove, Wisconsin, about 32 miles southwest from Milwaukee.
Sheriff's officials are encouraging anyone who witnessed the shooting to contact authorities.