The incident happened at about 16:30 BST on Saturday on Johnsville Avenue in Blackpool, near to its junction with Highfield Road.
Police said a car, thought to be red, hit the man before continuing along Johnsville Avenue.
The pedestrian was taken to Blackpool Victoria Hospital suffering from a broken pelvis and an elbow injury.
PC Adam Crossley from Lancashire Constabulary's Road Policing Unit said: "This is a collision where an elderly gentleman has received serious injuries and I would appeal to anyone who either witnessed the incident or were in the vicinity at the time to come forward."
Anyone with information should call police on 101 or contact Crimestoppers.
An 84-year-old man has been seriously injured after being hit by a car which failed to stop at the scene.