Two of the injured in the blast at the factory on the outskirts of Zaragoza near the city's airport are in intensive care, the regional government of Aragon said in a statement.
The cause of the explosion was unknown.
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"It is still dangerous to approach the area because there are still remains of fireworks that can explode," a spokesman for the fire service said.
Spanish television images showed plumes of black smoke rising from warehouses.
The regional government of Aragon declared a day of mourning.
Founded in 1860, the Pirotecnia Zaragozana company employs over 40 people and exports fireworks mostly to Europe and Canada, according to its website.
August is a busy time for fireworks factories in Spain as many small towns celebrate religious festivals at this time of year with fireworks shows.
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