The 35-year-old, who played 232 AFL games for the Tigers and Essendon, was driving a Jeep that rolled on a private Bringenbrong property about 9am on Sunday.
He was initially taken to Albury Hospital with a broken pelvis and shoulder, as well as a punctured lung.
Houli was then flown to a Melbourne hospital on Sunday night where he remains in a stable condition.
One of his passengers, a 39-year-old man, was also taken to hospital in Canberra with serious injuries.
A third man, aged 42, escaped without injury.
NSW Police confirmed the single-vehicle crash was being investigated.
Houli's foundation on Monday said the former AFL footballer was in good spirits.
"He has suffered injuries and will require time to recover," the Bachar Houli Foundation statement read.
"Our thoughts are also with his passenger Khaled and we ask you to keep both of them in your prayers."
Houli won three premierships with Richmond over his 15-year career.
He retired from the AFL in 2021 but continued his advocacy through his foundation, which works to build young leaders within the Muslim community.
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