Another airstrike hit a six-story commercial and residential building.
The latest airstrike on the building in the heart of Gaza City was the first in a populated area.
The Israeli military also flattened a building housing the offices of the Turkish state-run Anadolu news agency, prompting outcries of condemnation from Ankara.
A small armed pro-Hamas group in Gaza, The Protectors of Al-Aqsa, said one of its men was killed in an air strike on Saturday.
The Gaza health ministry reported one person killed and several wounded.
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There were no additional details immediately available.
Following the air strike, the Israeli military said two rockets were launched from Gaza toward Israel, setting off sirens in parts of the south. More than 70 Israelis and one foreign national were also killed.
Gaza's Deputy Education Minister Ziyad Thabet said: "We ordered schools near the unsafe points to evacuate students".
Saturday's rockets attacks coincided with Palestinians burying the two militants.
Israel responded with massive aerial assaults against Hamas and Islamic Jihad targets in Gaza.
Its armed wing distributed a video showing militants handling rockets and threatening key Israeli sites, including Ben-Gurion worldwide airport near Tel Aviv.
Medics said the woman was 80 and the man 50.
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Earlier, MDA said a 15-year-old boy was mildly injured while running for cover from incoming missiles.
Shortly after 9:30 on Saturday morning, terror groups in the Strip began launching rockets and mortar shells at Israel.
COGAT, the Israeli defense body responsible for Palestinian civilian affairs, also said it was closing the fishing zone off Gaza's coast altogether and sealing Israel's two land crossings with Gaza.
There were no immediate reports of casualties.
Iron Dome anti-missile projectiles intercept rockets that were fired from Gaza, above the Israeli city of Ashkelon, Israel on May 4. Two Israeli soldiers have been killed in that period.
The Israeli military said it had hit a base belonging to Gaza's Islamist rulers Hamas after shots were fired at its forces along the border.
Hamas and Islamic Jihad leaders are in Cairo to bolster a fraying deal that was hoped to achieve a long-term cease-fire in Gaza.
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"We are tracking Israel's movements and its commitment to end its aggression against the residents of the Gaza Strip, and we will respond accordingly to such aggression", groups said.