Police are appealing for information after the man, 78, was injured in the robbery just after 6.50pm last night.
Officers received a report that he had been attacked in a ginnel that runs between Blackpool View and the Ring Road, Farnley.
The offence happened a short time after he got off a Number 42 bus on the ring road after travelling from the city centre.
He was approached from behind and assaulted by two white males, one of which was wearing a hooded top.
He received cuts, bruising and swelling to his head. He was taken to Leeds General Infirmary for treatment and was later discharged.
Officers are still checking as to what property may have been taken in the incident.
Anyone who witnessed the incident, saw anyone acting suspiciously in the area or who has any information that could assist the investigation is asked to contact Leeds District Crime Team via 101 quoting crime reference 13180544777 or call the independent charity Crimestoppers anonymously on 0800 555 111.