Two people were treated at the scene, with one later transported to hospital.
During the closure, drivers were urged to use an alternative route.
Amey Scotland warned of five-minute delays on the road, with one of their units at the scene assisting police.
A Scottish Ambulance Service spokesperson said: “We received a call at 12.40pm to attend a road traffic collision on the A92 between Ladybank and Freuchie.
“Three ambulances and a special operations response team (SORT) were dispatched to the scene.
“Two patients were treated at the scene and one patient was transported to the Victoria Hospital.”
Police Scotland has been approached for more information.
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