The 21-year-old was attacked in Petershill Road, Springburn, Glasgow, at about 10.30pm, Strathclyde Police said.
He was taken to the city's royal infirmary where he died.
The man may have been involved in a disturbance involving other people and was chased from a nearby close, police said.
Officers appealed for witnesses to come forward and would like to speak to an elderly couple who were in the area at the time walking their dog.
Detective Superintendent Kenny Dewar said a murder inquiry has been launched.
He said: "A young man has lost his life and one family is beginning this new year in extremely sad circumstances.
"I am appealing to local residents who may have seen or heard anything in connection with this incident, in particular, the elderly man and woman, who were out walking their dog.
"They may have seen something or have information which could assist our investigation and I am asking them to please get in touch with us."