A search base was set up at Turangi and four search teams, around 12 people, searched overnight until 4am.
The search resumed at 7am and the man was found at around 12.50pm today.
He was cold, had a dislocated knee and was flown to Taupo Hospital.
A RNZAF NH90 helicopter, the Greenlea Rescue Helicopter, Land Search and Rescue personnel, staff from Tukino Skifield and Ruapehu Alpine Lifts and local iwi, Tuwharetoa, all took part in the search.
Taupo Search and Rescue Coordinator Senior Constable Barry Shepherd said the search teams did a wonderful job.
"Conditions were less than ideal, with very little visibility, rain and snow, so all credit to the guys and girls at the sharp end.
"It's a timely reminder to other trampers and walkers in the area to make sure you are well prepared for the conditions, let people know where you are going and stick to your plans."