He was reportedly driving a jet-powered Vampire car when it overturned.
Mr Hammond was said to have been reaching speeds of up to 280mph as the accident happened.
Firefighter Dave Ogden, who witnessed the crash, told Sky News that the 36-year-old presenter was able to speak as he was taken out of the wreckage of the car.
Inspector Mike Thompson, of North Yorkshire Police, said officers were dealing with the incident at the airfield northeast of York where the filming was taking place.
He said: "At 5.45pm this evening we received a report via the fire service of a male person trapped in what was described as an overturned jet car which had been driven on the airfield.
"The male occupant has received serious injuries and has been airlifted to hospital at Leeds."
It was at Elvington Airfield. There are some nasty bumps at the bottom end of that runway, I'm surprised they were going for a UK land speed record there tbh! - there are far more safer / longer airfield runways.
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