Jarvin Blake, aged 22, was knifed at the junction of Brackley Street and Catherine Street, Burngreave, at 3.20pm yesterday.
He was rushed to the Northern General Hospital but could not be saved.
A 23-year-old man injured in the same incident was taken to hospital, where his condition last night was described as stable.
An update on his condition has not yet been released this morning.
A white tent remains in place this morning at the spot where Jarvin was knifed and Brackley Street is cordoned off.
Police officers involved in the murder probe are working in and around Burngreave this morning, while the crime scene remains under police guard.
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."
Anyone with information should call South Yorkshire Police on 101 or Crimestoppers anonymously on 0800 555111, quoting incident number 593 of March 8.