Emergency services were called to New Wharf Road, at the side of Tesco, at about 9pm on Saturday.
It is believed the man had fallen from a narrowboat on the canal and was rescued by passers-by.
Police officers arrived and started CPR on the elderly man.
West Midlands Ambulance Service said that when ambulance staff arrived they took over and provided advanced life support.
"They managed to get the man breathing again and he was taken on blue lights to Royal Shrewsbury Hospital," spokesman, Claire Brown said.
The condition of the man is not known.