The Mound was currently closed and motorists were asked to avoid the area.
At around 3.30pm the roads reopened, with the Police confirming the man had been taken to the hospital, and thanking the public for their help at the scene.
They said: "UPDATE - the man has been taken to hospital with what are believed to be non life-threatening injuries, and the closures have now been lifted.
"Thank you to all those who assisted at the scene."
Edinburgh Police tweeted at the time to say: "We are currently in attendance on Princes Street after a man was struck by a bus at 2.25pm.
"He is being treated by @Scotambservice at the scene.
"Closures are in place on The Mound and motorists are asked to avoid the area."
A number of bus services were affected.
Lothian Buses tweeted to say: "Due to a road closure buses are unable to serve Princes Street at Waverley Steps or Scott Monument. Alternative stops are available at Frederick Street and Queen Street gardens West. Affects services 29
"Due to a road closure buses are unable to serve Princes Street at Waverley Steps or Scott Monument. Alternative stops are available at the west end of Princes Street between Frederick Street and South Charlotte Street."