Two appliances from Ryde Fire Station were called to an address in Player Street shortly before 19:40 following reports of a shed ablaze.
Crews have tackled the fire using a hose reel. One appliance has since left the scene.
The homeowner is understood to have attempted to tackle the blaze himself, sustaining burns to his hands. Paramedics from the Isle of Wight Ambalance service were called to the scene.
The road, which is one-way, has been temporarily closed.
UPDATE: The road has reopened and all crews have left the scene.