The victim has been identified as Angela Park, of the 3400 block of South Prairie.
Park was heading north on Halsted Street near West Madison Street when she was struck around 7:10 a.m., according to police. The driver was trying to make a right turn, police said.
She was transported in critical condition to Northwestern Memorial Hospital, where she died.
The woman is the fourth cyclist killed in a crash with a vehicle in 2018. In 2017, there were six bike fatalities.
Bob Gallo, a member of the Mayor's Pedestrian Advisory Council run by the Chicago Department of Transportation, said pedestrian and bicyclist safety is a huge problem in Chicago.
"The problem in Chicago is that we don't have the investment that's being done and the infrastructure to separate cars, bicycles and pedestrians from each other so that they can move about the city safely," Gallo said.
Mayor Rahm Emanuel and the City of Chicago have signed onto Vision Zero, a worldwide effort to end crashes between cars, pedestrians and cyclists.