The vehicle was found under water in the Burn of Boyne, just off the A98 at Tillynaught, Portsoy, on Wednesday evening.
Police were called shortly after 4pm and attended along with the Coastguard, Scottish Fire and Rescue and Scottish Ambulance Service to search for the man.
The 4x4 vehicle was discovered fully submerged within the water at around 5:30pm and the man was found within.
He was conveyed to Aberdeen Royal Infirmary by Coastguard helicopter where he was sadly pronounced dead. His next of kin have been informed.
Inspector George Cordiner said: “We can sadly confirm that a man has died after his vehicle went into water in Tillynaught near Portsoy this afternoon.
“A significant search and rescue operation was launched in order to trace the man and I would like to thank members of the local community who assisted us and the emergency service personnel who attended.
“Our thoughts at this difficult time are with the family of the man who has died. There does not appear to be any suspicious circumstances and a report will be submitted to the Procurator Fiscal in due course.”