The California Highway Patrol said Evan Green, 21, was under the influence and behind the wheel of a 2004 Saturn Vue when he crashed the car near a golf course in Avila Beach about 12:10 a.m. Friday.
Two of his passengers, Aaron Beaver, 21, of Eureka, and Marcus Nelson, 21, of Castro Valley, were killed.
A third passenger, Jacob Zimmer, 21, also of Castro Valley, suffered major injuries and was taken to a local hospital.
Green was also injured, but was treated and cleared for arrest on Saturday.
He has a Chico State University email account, and authorities believe he is or recently was a student at the school.
According to the CHP, the men had been drinking at multiple bars in downtown San Luis Obispo, a central coast college town of about 43,000 people.
Green was driving west from San Luis Obispo on Avila Beach Drive at a stated speed of 45 mph when he failed to negotiate a left-hand curve. He overcorrected and the car went off the road, flipping over several times.
It wasn't known Monday if any of Green's passengers also attended Chico State University.
The CHP is continuing its investigation.