The driver, a man, had to be cut free by the fire service following the collision on Emstrey Island at 9.15am.
The accident happened on the Westbound side of the roundabout, near Salop Leisure.
Highways England closed the M54 at junction seven for Wellington to assist with the incident.
One lane has since reopened, while police accident investigators remain at the scene.
Two ambulances and two paramedic officers were were called to the crash, along with the Midlands Air Ambulance from Strensham with a BASICS emergency doctor on board.
Four fire appliances including the rescue tender were sent from Shrewsbury and Telford Central. An operations officer was in attendance.
A West Midlands Ambulance Service spokeswoman said: “One lorry driver, a man, sustained serious injuries in the collision.
"Ambulance staff administered trauma care to the man to stabilise his condition whilst working closely with fire colleagues who helped to extricate him from the cab.
“Once released from the vehicle, the man was airlifted to Queen Elizabeth Hospital Birmingham, a major trauma centre, for further emergency care.”
People were being urged to avoid the area, with traffic backing up for several miles.