The crash happened when the rider was cycling in Rhyd Ddu, near Beddgelert, on Sunday. The Etape Eryri bike event was being held in the area at the time.
Two air ambulances and two ambulances were sent to the scene on the B4418.
The man has been moved to the Royal Stoke University Hospital. His injuries are not thought to be life threatening.
A cyclist who was seriously injured after colliding with a car in Gwynedd has been transferred to a hospital in England.