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"We were called at around 6.50pm last night to reports that a balcony had collapsed at the Portage Resort Hotel," a police spokeswoman said.
"The fall was described as being around four metres."
The St John ambulance service said three suffered moderate injuries and one received minor injuries.
The men are aged between 59 and 89.
A rescue helicopter from Nelson and another from Wellington were used to take two of the moderately-injured casualties to hospital - one to Wairau Hospital in Blenheim, the other to Nelson Hospital. The third was taken by road to Wairau Hospital.
The man with minor injuries travelled by sea in a Coastguard boat to Picton, and from there to Wairau Hospital by road.
Nelson Marlborough Rescue Helicopter pilot Stuart Farquhar said a railing around a large deck had given way.
The hotel today said no-one from the management was available to speak about the incident.