Police responded to the scene at about 5:15 p.m. on Milwaukee Avenue near Knightsbridge Parkway.
The 81-year-old man was trying to walk across Milwaukee Avenue when he was hit by a Dodge Durango, police said.
The driver of the Dodge, a 58-year-old man of Prospect Heights, was heading southbound when he struck the pedestrian. Police said the driver is cooperating with authorities.
"At this time, impairment is not suspected to be a contributing factor in the crash; however, the driver submitted to chemical testing and the results are pending," police said.
The 81-year-old man died at the scene.
The Lake County Coroner's Office identified the man as Bijan Vaziri, of Lincolnshire.
Officials said Vaziri died from injuries related to the crash.