Officers were called just after 16:40 to reports of a collision involving a motorcycle and 3 other vehicles on Newport Road between Northwood Garage and Aldi, as first reported by Island Echo.
The motorcyclist, a 39-year-old man from Cowes, has suffered life-threatening injuries and is currently receiving treatment at Southampton General Hospital.
No one else was injured in the collision which involves a Mazda, a Vauxhall van and a lorry.
Investigations into the exact circumstances of the crash are ongoing today and officers would like to hear from anyone who saw what happened or who saw any of the vehicles prior to the incident.
Anyone with information relating to this case is asked to call Police on 101 quoting reference 44170343347.