The 28-year-old was on George Street in Waihi at 1am today when he was hit by a car.
The car driver didn't immediately stop after hitting the man but drove on and crashed into a fence about 100m down the road, police said.
Speed is not believed to played a part in causing the crash.
The man and driver are also believed to have known each other, with neither living in Waihi.
Police want to talk to anyone who saw a "distinctive bright blue SS Commodore in Waihi" last night or anyone who saw the crash.
A post-mortem examination will take place tomorrow morning.
Anyone with information can call Waihi Police on 07 813 8179 or Crimestoppers anonymously on 0800 555 111.