A man in his 20s riding a motorcycle and a pedestrian, a man in his 60s, were hit.
A black Vauxhall Corsa failed to stop at the scene in Broad Street.
The road was closed as police and ambulance staff attended at 4pm yesterday.
An air ambulance landed on the site of the former Sladen School in efforts to help the injured.
West Midlands Ambulance Service Claire Brown said: "Crews arrived to find a pedestrian and a motorcyclist who had reportedly been involved in a collision with a car which had failed to stop.
"Upon assessment by ambulance staff, the pedestrian, a man in his 60s, was found to have sustained significant and potentially life-changing injuries which required advanced trauma care at the scene.
"The emergency team worked to administer pain relief before treating and stabilising his serious injuries."
He was airlifted to Birmingham's Queen Elizabeth Hospital.
The motorcyclist suffered a number of abrasions to his body. He was taken to Worcestershire Royal Hospital for further checks.
A police investigation has now been launched and officers are appealing for witnesses to come forward.
Anyone with information is asked to call police on 101 quoting 518S of July 23.