Officers found a 36-year-old man injured on the road on Harrison Street in Cardiff, around 17km west of Newcastle, at about 1.20am on Friday.
He was treated at the scene by paramedics before being taken to John Hunter Hospital.
Police alleged the man was hit by a car which then drove away.
A crime scene was established and police found a car allegedly involved in the hit-and-run on Devon Street in Wallsend.
A 24-year-old man was arrested at the scene and has since been charged with a string of offences including attempted murder, dangerous driving occasioning grievous bodily harm, failing to stop, assault and driving with a suspended license.
He was refused bail and will appear at Parramatta Local Court today.
