The drama unfolded shortly before 1pm when the powered parachute suffered fuel problems, forcing the man to land in a field.
Police, firefighters, paramedics and an air ambulance crew were called to the scene at Oakham Road where the pilot was thought to have suffered back injuries.
Firefighter Ian Lockyer said: "It's believed he had taken off from Great Dalby earlier in the day and that there was a problem with the fuel supply to the engine. He landed heavily and was thought to have injured his back as well as suffering other minor injuries.
"We helped the paramedics to lift him into the air ambulance and he was flown to the Queen's Medical Centre in Nottingham."
Two fire engines and the heavy rescue vehicle from Oakham fire station were called to the accident site which was half a mile outside of Cold Overton towards Somerby.
Police officers closed the road for about an hour.