It happened around 9:45 p.m. on Enterprise Street, just off Hillsborough Street near NC State's campus.
Police said the man, 55-year-old Jeffery Wayne Powers, was transported to WakeMed where he later died.
A passenger on the bus told ABC11 that Powers appeared to be staggering before he was hit by the bus.
According to an accident report by the Raleigh Police Department, Powers was impaired.
It stated that Powers was near the side of the road as the bus was passing, then stumbled and fell in to the side of the vehicle causing him to be run over by the back right tires of the bus.
No charges have been filed against the bus driver, and police say the bus was going about 5 mph when Powers fell. The driver and six passengers on the bus weren't hurt.