A 76-year-old Warwick man has died and his 77-year-old female passenger flown to hospital after the Porsche they were driving was hit by a ute at an intersection in Warwick on Monday afternoon. 

The 21-year-old driver of the Ford Falcon ute, also a local man, was hospitalised and is assisting police with their inquiries.

The crash happened at about 3.55pm at the intersection of Myall Avenue and Wood Street.

The ute struck and flipped the Porsche, causing it to crash into a third car, a Holden Commodore sedan.

The elderly Porsche driver died at the scene, while his passenger suffered serious arm and suspected spinal injuries. She was airlifted in a serious but stable condition to the Princess Alexandra Hospital.

The driver of the Commodore, a 58-year-old Rosenthal Heights man, appears to have escaped significant injuries. He was assessed by paramedics and received first aid at the scene, but was not taken to hospital. 

The Forensic Crash Unit is investigating the cause of the crash, a process which could take some time.