It happened around 11:15 p.m. Thursday along the 2400 block of North 10th Street near Cumberland Street, according to police.
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Investigators said the victim had just picked up Chinese takeout and was walking on the block when two armed men came out of a breezeway and announced a robbery
The 71-year-old pulled out his revolver handgun and exchanged gunfire with the suspects, according to police.
The victim was struck once in the ankle during the shootout, police said.
People in the area called 911 after hearing the gunshots. Police rushed the victim to Temple University Hospital in stable condition.
Philadelphia Police Chief Inspector Scott Small said they know the suspects fired at least two shots because investigators found spent shell casings on the sidewalk and in the breezeway. Small said the victim's revolver would not expel spent shell casings.
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Investigators said the victim emptied his gun during the shootout.
"We do know that the 71-year-old victim fired multiple shots," said Chief Inspector Scott Small. "Unknown at this time if he struck any of these two perpetrators, but we're checking area hospitals at this time."
The suspects were last seen fleeing on foot.
Police said the victim is expected to make a full recovery.
Gun violence is all too common in the area, according to neighbor Renee Dixon. She says 10 years ago, when she was pregnant, she was struck by gunfire in the area.
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"I got shot in 2013, right at the corner. This is the age we're living in," she said.
Dixon says she's moved out of the neighborhood since her shooting. She says she knows the man who was shot and is fed up with the gun crime in the area.
"I'm upset about it. He's a good guy. He didn't deserve it," she said.
RELATED: Check the 6abc Neighborhood Safety Tracker