Jarvin Blake, aged 22, was knifed in an altercation at the junction of Brackley Street and Catherine Street, Burngreave, at 3.20pm yesterday.
He was rushed to hospital and given emergency first aid but could not be saved.
A 23-year-old man seriously injured in the same incident remained in hospital last night in a stable condition.
This morning a number of police cordons are in place in Burngreave, including one at the spot where the stabbing took place and two others on nearby Somerset Street - one around a patch of grass and another close to a pub.
There is a heavy police presence in the area, with officers guarding the crime scene and carrying out enquiries in the community.
A South Yorkshire Police spokesman said: "Just before 3.20pm yesterday, police were called by ambulance staff to reports of a stabbing in Brackley Street at its junction with Catherine Street, Burngreave, Sheffield.
"A 22-year-old man was taken to hospital with stab wounds to his upper body but pronounced dead shortly after.
"A 23-year-old man who sustained injuries arising out of the same incident is in hospital, where his condition is described as serious but stable.
"Detectives are carrying out enquiries and an investigation is underway to ascertain the exact circumstances surrounding the incident.
"There are also increased police patrols in the area, to reassure the public."
Figures released last July showed that knife crime rose risen by almost 50 per cent in South Yorkshire between April 2016 and March 2017.
There were 1,176 offences reported compared to 807 the year before, with 322 stabbings, slashings and puncture wounds reported.
Offences in Sheffield went up by 41 per cent, with 557 reported.Anyone with information should call South Yorkshire Police on 101 or Crimestoppers anonymously on 0800 555111, quoting incident number 593 of March 8.