The stabbing happened at a house in the 100 block of South King Road at about 9:40 p.m. Saturday.
Four people were left hospitalized with stab wounds and one of the victims "took a turn for the worse" on Sunday and died, police spokesman Sgt. Ronnie Lopez said.
Police are still investigating the incident and have not released details about the victim or the other three people stabbed.
Police determined that the stabbings occurred during a fight, Lopez said. Two groups argued earlier in the night before parting ways temporarily, he said. The two parties eventually met up again and the argument escalated into a physical fight.
There is a "strong possibility" the stabbings are gang-related, Lopez said. Police have identified several male suspects in their late teens.
Saturday's incident is not connected to a Sunday night triple stabbing that occurred after a fight broke out in another San Jose neighborhood, near East William Street and McLaughlin Avenue, Lopez said. However, the triple stabbing may also be gang-related, he said.