The crash wrapped the Mazda pickup around the tree at 2.10am on a bend near the maknik School on the road between Surin and the Heroines Monument.
The men had been at a drinking party, police said.
Jalerntam Tepraksa, 25, was killed and Montri Baochai, 37, was taken to Thalang Hospital where he remains in a serious condition with both arms and one leg broken.
It took rescue workers 15 minutes to cut the body free from the cabin of the pickup.
Traffic statistics for Phuket ceased being made available on a monthly basis in April last year and even the annual figures for fatalities and injuries in 2012 have not been released.
As a result, Phuketwan is unable to report whether the incidence of deaths and injuries on Phuket's roads is rising or falling.