Emergency services were called to Station Place at Sunshine about 3.45pm after reports a male had been stabbed.
Another 16-year-old male, from Sunshine North, was taken to hospital with minor injuries they added.
Homicide detectives are now investigating the death and working to determine the exact circumstances around the incident.
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9News understands there were many school students and young people around at the time of the attack.
Police ask anyone who witnessed the incident or has mobile phone, dash cam or CCTV footage is urged to contact police.
