The incident occurred around 2.15pm yesterday afternoon (December 9th).when a red Toyota Yaris and grey Volkswagen Polo were in collision on Stokes Bay Road.
Three people suffered injuries, with a woman in her 70s suffering serious injuries and being taken to hospital.
Hampshire and IOW Air Ambulance were also called to assist.
Enquiries into the exact circumstances are ongoing and officers are keen to speak to anyone who may be able to assist in their investigation.
In particular, police are keen to hear from anyone who may have dash-cam footage of the incident.
Anyone with information which could assist police should call 101, quoting the reference 44220496563.
