Paul Bailey was driving his STG750,000 ($A1.62 million) Porsche 918 Spyder supercar on Sunday when he clipped the grass, spun out of control and ploughed into spectators, according to the Times of Malta.
Five of the injured were in critical condition, while at least nine - including the driver - suffered fractures or cuts requiring hospital treatment, officials said.
Malta Today reported that a six year-old girl is among those in a critical condition.
Witnesses said the sports car was driving at high speed along an unused airport taxiway in the Hal Farrug district when the accident occurred.
An eyewitness told the Times of Malta the car was speeding down the taxiway when a back wheel went on the grass.
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"The car spun out of control, went through the barriers where a large crowd was watching, and into the area of the static car exhibition.
"Many people were hit, there was chaos and screams."
