Wilf Lloyd, 56, was hunting elk with his son-in-law Skeet Podrasky when the bear attacked, in a heavily wooded area about eight kilometres south of the small mountain community.
Podrasky fired on the bear but missed, sending a shot into his hunting partner, before he finally hit and killed the animal.
"[Lloyd] is a very experienced hunter, an outdoorsman. He knows what he's doing out there," best friend Darrell Orth told the CBC.
"He's a wonderful guy, really great to be around, will do anything for you."
Lloyd was rushed to Calgary's Foothills Hospital by air ambulance, where he remained Monday night. The extent of his injuries is not yet known.