It happened around 1:40 p.m. on the 8800 block of Frankford Avenue in the city's Holmesburg section.
Police say the driver of a white Jeep Wrangler with Pennsylvania tags hit the woman and then fled the scene.
The vehicle was later found on the 48100 block of Delaire Landing.
Police say the driver was located but charges are pending further investigation.
The victim was taken to the hospital in critical condition.
Anyone with information is asked to call police at 215-686-TIPS.