An elderly woman has died after she was struck by a taxi in a hit-and-run crash on the Pacific Highway in Crows Nest, police say.

The woman, believed to be aged in her 80s, was attempting to cross the road at the highway's intersection with Rocklands Road when she was hit by the taxi about 11.20am on Tuesday.

The taxi driver then drove away from the crash scene, police said.

Police and paramedics arrived at the intersection but could not save the woman, who died at the scene, outside North Sydney Girls High School.