Which one of these sentences is correct? Is it:
One of the premises.
One of the premise.
one of the is always followed by the plural nouns. Because you are selecting one from two/three/many. Said that...
One of the premises...
is correct. I observe this mistake in 8 out of 10 around me!
Premise and premises are actually two separate words with different meanings (you didn't specify enough in your sentence to relay which way you're meaning it).
According to Google:
a house or building, together with its land and outbuildings, occupied by a business or considered in an official context
a previous statement or proposition from which another is inferred or follows as a conclusion
The word you are looking for, singular or plural, is