In hot conditions on the Gold Coast, the 25-year-old had a two-minute lead and looked set for gold but began weaving before falling over the kerb.
He continued for another couple of hundred metres before collapsing again, hitting his head on a roadside barrier.
Hawkins was conscious, sitting up and talking when helped into an ambulance.
Compatriot Robbie Simpson took bronze in a race won by Australia's Mike Shelley in two hours 16 minutes 46 seconds, with Uganda's Munyo Solomon Mutai second.
A Team Scotland statement said: "Callum has been taken to hospital for medical review following his collapse as is standard procedure. We are pleased to report he is sitting up and speaking with his dad and Team Scotland medical staff.
"He is undergoing further tests as a precaution and we all wish him a speedy recovery."
Peter Jardine of Scottish Athletics told BBC Scotland Hawkins, who had been running for a little over two hours, initially refused medical treatment after collapsing because he "feared he would be disqualified".
Scotland's Steph Twell, who finished seventh in the 1500m, ran to the scene and helped Hawkins as he was taken away.
