The Bundaberg RACQ CareFlight Rescue helicopter performed the daring winch rescue over open water.
The 60-year-old man was fishing when the 7.3 metre vessel began taking on water.
The boat is believed to have sunk sometime between 4am and 5am.
The man was spotted by the helicopter service wearing a life jacket approximately 15-20 kilometres off the western point of Fraser Island.
RACQ CareFlight Rescue’s Aircrewman was winched down to the man, before he was safely winched aboard the helicopter.
He suffered suspected hypothermia and was airlifted to Hervey Bay Hospital in a stable condition.