The security guard was hit while directing traffic in front of the Boardroom Nightclub shortly before 4 a.m.
Chicago police say bar patrons were leaving the nightclub on Erie and Orleans when a dark-colored, possibly gray, BMW traveling eastbound on Erie hit the guard.
No one else was injured in the incident.
There was no immediate description of the driver and no license plate number was released.
The security guard was taken to Northwestern Memorial Hospital where he was in stable condition and was expected to be OK.
There was no word on if there were any security cameras in the area that caught the hit-and-run on video.