A man has been charged over the stabbing death of a 68-year-old man on a footpath in Melbourne's north on Friday afternoon.

Emergency services were called to Murray Road in Preston at about 4:45pm after the man was stabbed in the chest.

Senior Sergeant Justin Goldsmith said officers had arrested and charged a 35-year-old man, who police believed was involved in a neighbourhood dispute with the man.

"They were known to police and they were known to each other for quite some time," he said.

"I understand they're neighbours, they are known to each other; they're not related in any way, but they've known each other for some time because they live in very close proximity.

"We are aware that there has been some disputes between the two parties, but I don't know a great deal more about."

A passerby and paramedics tried to revive the man until an ambulance arrived, but he died at the scene.

The man will appear in Melbourne Magistrates Court this morning.