Officers went to the intersection of Eight Street and Mandela Parkway at 12:42 p.m. on reports of a pedestrian who had been struck by a vehicle.
Investigators determined the woman had been hit in a crosswalk and that the driver fled east on Eight Street without stopping, police Officer Jeff Thomason said.
The victim was pronounced dead at the scene, he said. Her identity is being withheld pending notification of her family.
The suspect vehicle is described as a newer model, dark blue or black car, possibly a Lexus. The collision caused damage to its front right bumper, hood and windshield.
Anyone with information regarding the case is asked to call Oakland police Officer Michael Cardoza at (510) 777-8648.