A cyclist has been killed after falling over a guard rail near Goulburn on Saturday.

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Police say the 61-year-old Engadine man was with a group of students in an annual bike ride from Canberra to Wollongong when the crash occured.

At 8am yesterday on the group set out from Dickson in the Australian Capital Territory.

They stopped at Gunning for lunch and began riding again at 1pm along the Hume Highway toward Goulburn.

At 2.35pm they were near Cullerin Road, Breadalbane, riding up a slight incline, when the man fell over a guard rail.

A registered nurse, from the support vehicle following the group, assisted the man and began CPR until an ambulance arrived.

He was taken to Goulburn Base Hospital where he died.

A report is being prepared for the coroner.