The vehicle struck the 15-year-old just after 8.30am on Friday at High Street in Bendigo northwest of Melbourne, local police said.
The crash happened close to Girton Grammar, a private school in the heart of the regional city.
A passerby tried to save the boy using CPR but he died at the scene.
The driver was not hurt and was said to be assisting police.
"The exact circumstances of the collision are being determined with investigations ongoing at the scene," Victoria Police said in a statement.
Any witnesses are urged to contact investigators immediately.
Roads around the school were closed to traffic and drivers asked to find alternative routes as emergency services worked at the scene.
Victorian Premier Jacinta Allan, who is also the member for Bendigo East, said she had reached out to Girton Grammar's principal to offer support.
"I am deeply saddened by this devastating tragedy," Ms Allan said.
"My heart is with the family, loved ones and entire school community who are grieving the loss of one of their own."
Bendigo Mayor Andrea Metcalf was saddened by the loss of such a young life.
"Our thoughts and heartfelt condolences go out to the child's family and loved ones during this incredibly difficult time," she said.
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