The blaze near Vallentin Road and Shernhall Street has affected one house, multiple gardens and sheds as well as a railway embankment, London Fire Brigade said.
People in the area are being advised to keep their windows and doors closed due to a “significant amount of smoke”.
Motorists have been are advised to avoid the area, and the Weaver Overground railway line has been partially closed.
Local MP Stella Creasy said there had been “an electrical fire on the train lines”.
“We have got a major incident in Wood Street,” she said. “There is a serious fire with a lot of roads and people being evacuated.”
More than 100 calls were made to the fire service from around 6.30pm on Sunday.
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