Police were called at 6.50am on Sunday (September 8) to reports of the collision involving a Mercedes c220 and two pedestrians on Preston New Road at Samlesbury.
The Mercedes was travelling east in the direction of Blackburn at the time of the collision.
One of the pedestrians, a 65-year-old woman, suffered significant head and chest injuries.
She was pronounced dead at the scene.
A 65-year-old man, also a pedestrian, was taken to Royal Preston Hospital where he is receiving treatment for a broken leg and facial injuries including a broken jaw.
The driver of the car was not injured.
The road was closed for around five hours while specialist collision investigators attended.
Sgt Finn Quainton of Lancashire Police’s Tac Ops Division, said: “A woman has died and our thoughts are with her family at this incredibly difficult time.
"Specially trained officers have been appointed to support them. Our thoughts also remain with the man who is seriously injured in hospital.
“We are appealing to anyone who witnessed the collision and has not yet spoken to us to come forward.
"Likewise, if you have any dash cam footage that could be helpful to the investigation, we would like to hear from you."
Preston New Road was closed from 7am until midday, from junction 31 of the M6.
It was also closed at the roundabout junction of the A59 and Preston New Road, opposite the Mercure Preston Samlesbury Hotel.
Anyone with information is urged to call 101 quoting log number 338 of September 8.