The accident happened on West Maitland Street, Edinburgh at about 07:45. Both vehicles were travelling east towards Princes Street.
Police said no-one was injured and the tram was not derailed.
The bus, owned by First, was travelling on route X38.
The tram and bus were eventually separated and removed, but traffic was seriously disrupted with long delays before the road was reopened two hours later.
Press Report and Pictures http://www.bbc.co.uk/news/uk-scotland-edinburgh-east-fife-28978931
Video http://www.edinburghnews.scotsman.com/news/transport/video-trams-resume-after-crash-with-bus-1-3524593
It is also reported that a 14-year-old stepped out in front of a tram on Princes Street, taking a “glancing blow” that sent her sprawling to the ground.
She initially declined medical treatment but it is believed the youngster has since sought a check-up with her GP.
An alert tram driver may have averted more serious consequences by slamming on the brakes and reducing his speed to around 17mph before the collision occurred. Passengers were removed from the tram involved at Shandwick Place and moved to another tram before continuing their journey.
An inspection of the tram was later launched at the Gogar depot and it is understood transport chiefs and police have examined CCTV of the accident. Witnesses suggest the female casualty may have been wearing headphones when the accident occurred.
Network chiefs confirmed an investigation was under way.
