The area is just off the lower Falls Road.
A 24 year old man was arrested at the scene and has been released on bail pending further police enquiries.
The male pedestrian was taken to hospital where he remains.
Inspector David McBride said: “I would appeal to anyone who was travelling on the Donegall Road between 10.10pm and 10.30pm last night, Friday, 24 July and who has dash-cam footage of this incident to contact police.
“I would also ask anyone who has information that would assist us with our enquiries to contact police at Woodbourne on the non-emergency number 101, quoting reference 2053 24/07/20, or submit a report online using our non-emergency reporting form via www.psni.police.uk/makeareport/.”