The collision occured on San Joaquin Hills Road between MacArthur Boulevard and San Miguel Road around 7:40 p.m.
The driver of a 2005 black Porsche Carrera struck the 71-year-old man as he walked into the eastbound lanes midblock.
The victim was transported to Western Medical Center in Santa Ana but was later pronounced dead. Authorities say a second pedestrian who crossed the street with the victim was uninjured.
The driver of the vehicle, a 58-year-old male of Newport Beach, remained at the scene.
Anyone with any information regarding this crash was urged to call Traffic Investigator Eric Little of the Newport Beach Police Department at (949) 644-3746.