The 90-year-old, from Lostock Hall, was taken to Royal Preston Hospital for treatment and remains there in a critical condition, police said this morning.
He was cycling in Lower Lane when he was in a collision with a Skoda at the junction with Preston New Road at around 1.55pm yesterday.
The car's driver, an 80-year-old from Freckleton, was unhurt.
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Police officers closed the road for four hours while investigation work was carried out, leading to traffic congestion, with roads to and from Preston becoming extremely busy.
People were advised to avoid the area, with tailbacks evident towards the Preston docks area.
Sgt Oliver Jones, of Lancashire Police, said: “We have spoken to several motorists following the incident but would urge anyone with further information, in particular dash-cam footage of what took place, to get in touch.”