Five of the injured were in critical condition and the other two were in stable condition at area hospitals, Columbus Fire Battalion Chief Steve Martin said. The man who was killed was one of several who were thrown when the ride malfunctioned, Martin said.
Dramatic video captured by a bystander shows the ride swinging back and forth like a pendulum and spinning in the air when it crashes into something and part of the ride flies off, throwing riders to the ground.
A company providing rides at the fair this year describes the Fire Ball as an "aggressive thrill" ride.
On its website, Amusements of America says that since its debut in 2002, the Fire Ball has become "one of the most popular thrill rides on the AOA Midway." The company description of the ride says it swings riders 40 feet (12 meters) above the midway while spinning them at 13 revolutions per minute.
The company did not immediately return a phone message seeking comment.
Gov. Kasich's statement on tonight's incident at the Ohio State Fair. pic.twitter.com/PFjfHWMIab— John Kasich (@JohnKasich) July 27, 2017
In a statement, Republican Gov. John Kasich said he was "terribly saddened by this accident, by the loss of life and that people were injured enjoying Ohio's fair."
Kasich said he has ordered a full investigation and also ordered that all fair rides be shut down until additional safety inspections can be completed.
The fair did not immediately respond to an email seeking comment. In a post on its Twitter page it said: "There has been a report of a ride incident. We are investigating and will report information as available."
The Ohio State Fair runs through Aug. 6.