The accident happened in Dragon Street close to the junction with High Street, Petersfield, just before 2pm today.
Reports say the woman was in collision with a lorry.
In a statement Hampshire Constabulary said: ‘We can confirm that we are dealing with a serious road traffic collision on Dragon Street, in Petersfield.
‘Officers were called at 1.57pm to a collision involving a lorry and a pedestrian.
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‘Sadly, the female pedestrian was pronounced dead at the scene.
‘The road is currently closed as officers begin their investigations into the circumstances of the collision.
‘We would like to thank members of the public for their patience as we deal with this incident.’
Witnesses are asked to call police on 101, quoting Operation Security.