The rapper, whose real name is Adolph Robert Thornton, Jr. is well known in the Memphis community.
In 2016, he released his debut studio album, King of Memphis.
As FOX13 crews reported from the scene, a massive crowd gathered around, some people laying on the ground in tears.
Young Dolph is well known for handing out turkeys around Thanksgiving in Memphis through the Memphis Athletic Ministries charity, speaking to school children and donating money to his former high school Hamilton High School.
The Memphis Police Department said another person was with Young Dolph at the time of the shooting.
Traffic in the area is shut off. On I-40 in the area, traffic is also at a crawl.
Shortly after the news broke, people took to Twitter to share what Young Dolph meant to them.
Coach Deion Sanders turned to faith on the day of the tragedy.