Emergency services were called to Coldstream Street in Ulmarra, about 15km north of Grafton, at about 4.50pm yesterday following reports of a crash.
Police were told a white four-wheel drive hit a pedestrian before driving off along Big River Way toward Grafton.
Paramedics treated a 55-year-old woman for serious injuries, but she died at the scene.
Police are investigating and a report will be prepared for the coroner.