The bicycle and car collided at the corner of Mickleham Road and Bateman Street in Attwood before 7pm last night.
Emergency services tried to save the cyclist but he died at the scene.
A number of nearby residents, including an off duty police oficer, also tried to revive the cyclist.
The elderly driver of the car stopped and was later taken to hospital for observation.
Police are searching for CCTV and dashcam footage as their investigation continues.