The Rocking Horse Nursery, Plumtree, Nottinghamshire, has also been temporarily closed by Ofsted while the investigation takes place.
Five people were questioned by police in connection with the injuries. Two have been arrested and released on police bail. The remaining three were questioned under police caution.
A spokesman for Nottinghamshire Police explained that officers were called in after a child who attended the nursery was taken to hospital in mid-August with an unexplained fracture.
Further enquires by the force's child abuse investigation unit found that two other children at the nursery had suffered similar injuries this year.
The spokesman said that the children involved are aged between one and two. He added that the injuries are physical and not believed to be the result of sexual abuse.
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