The incident occurred on Sunday, November 5, at 7.15am on a private property at Goulburn Weir on Snipey Rd.
Police received a call about the incident at 8am that morning and arrived on the scene at 8.40am, where a CFA unit was already responding.
The air ambulance arrived soon after, followed by the Tatura SES unit.
Acting Investigator Darron Huffer said the pilot, who is believed to have been in his 50s, died at the scene.
The passenger, who was believed to be in his 70s, sustained non-life-threatening injuries and was airlifted to a Melbourne hospital.
The circumstances of the crash are yet to be determined and are currently under investigation.
Detectives were on the scene investigating the incident, and the Australian Transport Safety Bureau was notified and is assisting with further investigations.
The coroner was also notified.
It is believed that the gyrocopter was privately owned and would have taken off from a private airstrip.
Inspector Huffer has asked the community if they have any information regarding the gyrocopter or the accident to report it to Crimestoppers or their local police.
“Basically, we’re looking for any information in regards to a gyrocopter, whether it’s been sighted here, any engine issues or anything out of the ordinary,” he said.
“If anyone has any witness of it or footage, we would appreciate it.”
Police are urging anyone who witnessed the crash, has CCTV, dashcam footage or any other information that could assist police to contact Crime Stoppers on 1800 333 000 or submit a confidential report online at www.crimestoppersvic.com.au