4 appliances from Newport, Cowes and East Cowes are on scene at Pyle Street alongside an Aerial Ladder Platform and the Incident Command Unit.
According to fire control, the call came in at 09:58.
Crews have entered the building with breathing apparatus to rescue the casualty.
The fire is believed to have started in the kitchen on the upper floors of the property.
Paramedics from the Isle of Wight Ambulance Service are tending to the female casualty, who is being rushed to St Mary’s Hospital.
A large number of Police officers are on scene assisting their fire service colleagues with the ongoing incident.
The road has been closed in both directions.
UPDATE @ 10:58 – The fire now appears to be out and crews are withdrawing from the property.
The cause remains unclear at this moment in time.
UPDATE @ 12:32 – Island Echo understands that the female casualty has been airlifted to Southampton General Hospital by the Coastguard helicopter suffering from burns and smoke inhalation.
The Isle of Wight Fire and Rescue Service has now stood down from the incident.