The women, who were passenger and driver in the same vehicle, had to be rescued by emergency crews including firefighters who cut the roof off the car to free one of them after the crash at the junction of Willenhall Road and Neachells Lane in Willenhall.
The two-car collision happened at around 9pm on Wednesday and saw the road closed and traffic diverted down Moseley Road while firefighters from Fallings Park and Bilston and paramedics worked to treat the two women.
One of the women was able to get out of the vehicle, which had hit a pedestrian crossing light, with help from paramedics while the other was brought out on a stretcher after the roof was cut off.
Both were taken to New Cross Hospital, one with potentially serious injuries and the other with injuries not believed to be serious.
The other car involved in the collision had been moved to a petrol forecourt beforehand and West Midlands Police confirmed the driver left the scene before emergency services arrived.
A spokesman for West Midlands Ambulance Service said: "We were called to reports of a two-car RTC on Willenhall Road at 9.09pm last night, three ambulances attended the scene.
"On arrival we discovered two female patients, both from the same car.
"One was treated for potentially serious injuries and one for injuries not believed to be serious before they were both taken to New Cross Hospital for further assessment."
A spokesman for West Midlands Fire Service said: "At 9.20pm on Wednesday 12 January, we responded to a collision involving two vehicles on Willenhall Road, Wolverhampton near the junction with Neachells Lane.
"Ten firefighters attended in two fire engines, from Fallings Park and Bilston fire stations, with the first arriving within four minutes of being mobilised.
"Two female occupants were trapped in one of the cars, which was in collision with lighting at a pedestrian crossing.
"One was able to get out of the vehicle with help from paramedics.
"The other was brought out on a stretcher after our crews had removed the car roof using cutting gear.
"Both are understood to have been taken to hospital by the ambulance service.
"The other car had been moved to a petrol forecourt before we arrived and the driver is believed to have left the scene."