The incident happened in Gorgie Park Road at about 06:00. The police said the lorry involved was a private recycling vehicle.
The 63-year-old pedestrian was taken to Edinburgh Royal Infirmary where he is in a serious condition.
Gorgie Park Road is currently closed but the traffic is flowing normally on Gorgie Road.
Officers are urging anyone who witnessed the incident to come forward.
Sgt Ross Drummond, of Police Scotland, said: "This collision has left a man with serious injuries and we are keen to speak to anyone with information that can help us with our inquiries."
Stewart Melrose, Scot Waste chief executive, told the BBC Scotland news website staff were "devastated" by the incident.
He said: "Our thoughts are with him and his family.
"Our driver has gone home and is in a state about it. He is a very experienced driver and had just started his shift. We have never had anything like this happen before.
"We don't know enough details yet so we are conducting our own investigation to try to get to the bottom of it."
The lorry had been collecting plastic and paper from businesses in the area for recycling.
A man has been seriously injured after being hit by a bin lorry in the west of Edinburgh.