Gold Coast police have charged a 15-year-old Waterford West boy with murder and acts intended to cause grievous bodily harm over the fatal stabbing of a 17-year old at Surfers Paradise on Friday night.

He is expected to appear in the Beenleigh Children's Court on Monday.

One teenage boy died and another remains in hospital after both were stabbed during an altercation involving up to 12 young people.

No-one else was injured.

Police said two groups were involved in the incident just after 8:00pm on Surfers Paradise Boulevard.

Two 17-year-old boys were stabbed — one in the chest and the other in the chest and back.

Both were taken to Gold Coast University Hospital.

One of the boys, from the Gold Coast suburb of Parkwood, died from his injuries while he was being treated.

Police said they had "no idea" what sparked the fight but they believe the two groups were not known to each other.

"During the fight, a male person has produced what we believe to be a large hunting-type knife," Acting Detective Inspector Mark Procter said.

"He has stabbed two of the 17-year-old males — one of the males received a fatal wound and died about an hour later in hospital.

"The other 17-year-old male is currently in the Gold Coast University Hospital in a stable condition and he will survive his injuries."