The victim, a pedestrian, was treated by emergency services in Green Lane, Birchills, just after 3pm today.
Three fire crews, an air ambulance, two land ambulances and police were sent to the scene.
Firefighters used air bags to lift the lorry off the 55-year-old woman and left her in the care of the ambulance service.
The woman was taken to the Queen Elizabeth Hospital in Birmingham by land ambulance.
A spokesman for West Midlands Fire Service said: "It involves a pedestrian who unfortunately was in collision with a lorry and our crews were using lifting equipment to remove the casualty from the vehicle.
"She suffered serious injuries and was being treated at the scene by the ambulance service."
Police have appealed for witnesses to come forward.
Detective Sergeant Paul Hughes, from the serious collision investigation unit, said: "We need to hear from anyone who was in and around Green Lane at the time but not spoken to us already.
"We are trying to piece together what happened in the lead up to this collision as our enquiries continue.
“I am also really keen to hear from anyone with any dash-cam footage, please get in touch.”
Anyone with information is asked to contact police via Live Chat at west-midlands.pnn.police.uk between 8am and midnight or call on 101 anytime quoting log number 1370 of November 14.