The four have an Oct. 28 appearance in Fayette District Court in Lexington. The class B misdemeanour could result in up to 90 days in jail.
The charges come three days after Kentucky coach Mark Stoops suspended the players for Saturday night's Southeastern Conference game against South Carolina for violating team rules. The four could face additional internal discipline for their parts in the incident.
In discussing the suspensions Tuesday, Stoops described the players as "good kids that used bad judgment. They made a mistake, they know they made a mistake and they've been held accountable for it. We tried to address it quickly and decisive(ly) ... They were wrong."
Police received two reports Sunday night about possible shots fired. Campus and Lexington officers investigated and declared the area clear within a couple of hours.
No one was injured, but police issued an alert advising people to stay indoors on campus as they investigated.
A statement from the school said witnesses saw several college-age people leaving the area.
Two photos from campus security cameras showed several students, one of whom was wearing a T-shirt issued to Kentucky special teams players. Campus police on Monday recovered an air pistol that can fire pellets and later found three BB guns during its investigation.
Guns are banned from Kentucky's campus.