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Emergency services were sent out about 1.45pm to the mountain accessway where the man was hit, near the intersection of Malaghans and Littles Rds.
A police spokesman at the scene said the badly injured cyclist was treated by St John staff.
Queenstown Fire and Emergency crews, police in multiple vehicles and St John staff helped at the scene.
A St John spokesman confirmed a man was flown by the Otago Rescue Helicopter to Dunedin Hospital suffering from
"The rain has made the road quite slippery after a long hot spell so we just encourage people to take extra care."
The road was temporarily closed near the access road but was reopened just before 4pm.
- About the same time yesterday, a motorcycle crashed on Glenorchy-Queenstown Rd.
A police spokeswoman said police were alerted to the incident about 3.30pm but the cause of the crash was unknown.
A St John spokesman said the rider was taken to Queenstown Medical Centre with minor injuries.