Police said his car left the B9105 Rothes to Mosstodloch road near Orton and hit a tree.
The emergency services attended and a male passenger was taken to Aberdeen Royal Infirmary for treatment to serious injuries.
A second car hit an electricity pole, leading to power cables falling onto the nearby railway.
The track was closed for around two hours while the area was made safe.
The accident happened at about 4.50pm on Friday and the road was closed for 10 hours for investigation.
Police are appealing for witnesses and can be contacted on 101.