Seven people were involved in the collision between three cars at the intersection of Traralgon-Maffra Road and Farmers Road in Glengarry about 3.50pm.
A driver of one of the vehicles, who is yet to be identified, died at the scene.
Ambulance Victoria confirmed the boy will be airlifted to hospital in a critical condition with upper body injuries.
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The Major Collision Investigation Unit will attend the scene and investigate the exact cause of the crash.
Glengarry is located about 165 kilometres from Melbourne.
This year 32 people have died on Victorian roads, 10 more than this time last year.
