His 74-year-old wife has been released from hospital.
Emergency services were called to Murdiston Avenue just before 06:00. The house has been completely demolished.
Robert Cunningham was airlifted to Glasgow Royal Infirmary while his wife Marianne was taken by ambulance to Forth Valley Royal Hospital.
Nine houses in Murdiston Avenue and Aveland Road were evacuated.
Stirling Council set up a rest centre in the town.
Ch Insp Russell Penman, from Central Scotland Police, said: "The house has been totally demolished as a result of the explosion.
"We are treating this as a suspected gas leak and inquiries are at a very early stage to establish the cause."
Denis Kerby, from Scotland Gas Networks, said an investigation was being carried out to determine the cause of the explosion.
He said: "Engineers are on site and they have made safe the gas supplies. We are working with the emergency services to carrying out a full investigation to establish exactly what happened.
"There is no danger to other households or other members of the public.
"Engineers haven't found any problems with the gas supply outside the home and have switched off the supply from the external meter."
He added that it may be some time before engineers would be able to find the cause of the explosion.
Red Cross volunteers have been called in to run a rest centre set up by the council.
The charity said 15 residents in neighbouring houses had left their homes for safety reasons while gas workers moved in to make the area safe.
Donald Park, Red Cross senior programme manager for East Scotland, said: "Following the incident, we were asked by Stirling Council to help with a rest centre at Callander Kirk.
"Amongst other things, we have been liaising with GPs and pharmacists in the town to organise supplies of prescription medications for those who need them but had to leave them behind in the emergency evacuation."
A 77-year-old man remains in a stable condition in hospital in Glasgow after a gas explosion at his home in Callander.