Emergency services scrambled to the scene in Withington, Manchester, just before midday on Friday following reports of a collision.
The pedestrian was rushed to hospital but died in hospital later that day as a result of her injuries.
Two men, aged 18 and 20, were arrested on suspicion of causing death by dangerous driving.
One has been released with no further action and another has been bailed whilst officers conduct further enquiries.
Enquiries are ongoing and officers are urging any witnesses to come forward.
Sergeant Andrew Page from our Serous Collision Investigation Unit said: “Our thoughts are with this young woman’s family at this tragic time.
“They are being supported by specially trained officers and we will continue to do all we can to get answers for them.
“If you witnessed anything, or you have any further information, we’d be grateful if you come forward and help with our enquiries.
“This could be an eyewitness account from the scene, doorbell footage, CCTV or dashcam footage.
“It can all be used to help us establish how a young woman lost her life in such distressing circumstances.
“Anyone with information or detail is encouraged to contact us directly on 0161 856 4741 or 101 quoting incident 1260 of 31/05/24.
“Alternatively, if you would prefer to remain anonymous, details can be passed to Crimestoppers on 0800 555 111.”