The 71-year-old was “left in the road” after she was hit by a car in Awlfield Avenue around 6.06am today (February 27).
The London Ambulance Service was called and treated the woman at the scene before taking her to hospital.
She remains in hospital with injuries believed to be life-threatening.
Awlfield Avenue and Tower Gardens remain closed.
The police are trying to trace the vehicle involved, believed to be a light-coloured car.
An eyewitness said on social media: “I was at the scene of a hit & run on Awfield Avenue. Elderly woman was knocked down and left in the road.”
The Metropolitan Police has appealed for anyone with information or dashcam footage to come forward.
A spokesperson said: “At 06:06hrs on Thursday, 27 February, the London Ambulance Service called officers to the scene of a road traffic collision in Awlfield Avenue, N17.
“A 71-year-old woman was struck by a vehicle that failed to stop. She was treated at the scene and later taken to hospital where she remains. Her injuries are believed to be life-threatening.
“Officers are working to trace the vehicle – believed to be a light coloured car – and are urging anyone with information to share it via 101, quoting 934/27Feb. Officers are particularly interested in dashcam or doorbell footage near the scene.
“Awlfield Avenue and Tower Gardens are closed.”