A man has been stabbed to death on a busy Sydney street in front of Christmas shoppers.

The man got into a fight with another man outside a KFC outlet on Oxford Street near Vernon Street in Bondi Junction after 8pm on Saturday.

At least one of the men, one aged 30 and the other 60, produced a weapon and both were stabbed several times in the ensuing melee.

A man has been stabbed to death on a busy street in Sydney's Bondi Junction front of Christmas shoppers

Police and paramedics tried to revive the older man with CPR but he bled to death at the scene.

The other man was rushed to St Vincent's Hospital where he was being treated under police guard. He is believed to also be seriously injured.

Police shut down the street as they investigated what happened.

Oxford Street runs through the heart of the eastern Sydney suburb's retail district where hundreds of people were doing last-minute Christmas shopping.