The 30-year-old was walking in the Meadows at 10.30pm on Tuesday when two men approached him.
One punched the victim in the face, knocking him to the ground, before making off with his belongings.
A member of the public came to the victim's aid. The suspects were followed to George Square but were lost to sight. They were later seen on the railway track at Waverley Station.
The first suspect is white, in his early to mid-forties, 5ft 11in with an unshaven appearance. The second suspect is white, 6ft tall with a medium build and short cropped dark hair.
Police have appealed for witnesses.