The incident, at the intersection of St George’s Rd and Macintosh St, Shepparton, occurred at 8.58am.
A Great Wall dual cab ute, travelling east on Macintosh St, and a Prado, travelling south on St George’s Rd, collided in the roundabout.
Police said the Prado allegedly failed to give way when entering the roundabout.
The ute flipped onto its side.
The passenger of the ute, a 78-year-old Longwood woman, was initially trapped in the vehicle and had to be helped out.
She was taken to hospital by ambulance in a stable condition with upper body injuries.
The driver of the ute, a 74-year-old Longwood man, was also taken to Goulburn Valley Health by ambulance.
The driver of the Prado, a 32-year-old Shepparton woman, was also taken to hospital with upper body injuries.
The crash is still under investigation.
Anyone who witnessed it is urged to contact Leading Senior Constable Glenn Fitzgerald from Shepparton Highway Patrol on 5820 5777.