A police spokeswoman said police were called to assist at John Wilson Ocean Dr about 3.15pm.
The emergency call came from a lifeguard after a person on a paddle board suffered a neck injury, she said.
A police officer at the scene told an Otago Daily Times photographer the victim was a female.
St Kilda surf life saving club power craft officer Stefan Brown said St Kilda surf life savers assisted, using a side-by-side to transport the patient down the beach to a waiting ambulance.
A St John spokeswoman said the woman was transported to Dunedin Hospital in a moderate condition.