A 17-year-old boy is dead and another teen is in hospital after they were allegedly stabbed during a fight between two groups of youths on the Gold Coast.

The fight erupted on Surfers Paradise Boulevard just after 8pm on Friday night.

The two victims were walking along the boulevard with three others when they became involved with another group of five men, Detective Acting Inspector Mark Procter said.

One of the five was allegedly carrying a large hunting knife used in the attack. The two groups were not known to each other, according to police.

Despite the attempts of an off-duty doctor who witnessed the attack, the 17-year-old Parkwood boy died.

The other victim will survive his injuries.

Police have appealed for anyone who was in the area or may have footage of the fight to come forward.