Emergency Services were alerted to the fire on St John’s Road by a member of the public at around 20:00.
One male, understood to be in his 90s, has been led to safety by firefighters and is currently being assessed by paramedics from the Isle of Wight Ambulance Service.
Four pumps and a fire officer from Ventnor, Shanklin, Sandown and Newport are attending the scene and crews wearing breathing apparatus have entered the building, which is home to an elderly couple.
The road is closed in both directions and motorists are advised to avoid the area.
UPDATE @ 21:15 – An aerial appliance from Newport and the Incident Command Unit have arrived on the scene as firefighters continue to battle the blaze, which has spread to the roof space.
It is understood the fire began in the kitchen before spreading throughout the detached bungalow.
One of the homeowners had left the property before the fire started, however has since returned home to comfort her husband who has been treated for smoke inhalation. Paramedics have now left the scene.
UPDATE @ 22:45 – As Christmas Day approaches, fire crews remain on the scene of tonight’s blaze in Wroxall.
Over 20 firefighters are now dealing with the incident.
Southern Vectis have advised that their Route 3 buses will remain on diversion for the remainder of the night, with the road likely to remain closed for several hours to come.
The roof of the bungalow has been damaged, as well as the single floor of the detached property.
Island Echo understands the two elderly occupants are now staying with family over the festive period.