As first reported by Island Echo, officers were called to The Broadway, Sandown at around 18:00 on Tuesday evening following a collision between a black Hyundai Getz and the 81-year-old pedestrian.
The pedestrian suffered serious injuries and is currently at Southampton General Hospital where his condition is described as serious but stable.
The driver of the car, a 36-year-old woman from Ryde, has been arrested in connection with this incident and has been bailed until 19th February.
PC Dom Green of the Joint Operations Unit (JOU) said:
“This was a serious collision which has left a man with multiple injuries.
“We would like to speak to anyone who saw the collision happened or who may have seen the car prior to the collision travelling between Brading and Sandown.”
Anyone with information about the collision is asked to contact PC Green on 101, quoting 44170003043, or Crimestoppers anonymously on 0800 555 111.