Paramedics & Lifesavers have described the attack as “traumatic” and “severe”.
The 46-year-old man was dragged from the water by fellow surfers and lifeguards at Greenmount Beach at Coolangatta late on Tuesday afternoon.
He suffered serious leg injuries, and was pronounced dead by paramedics at the scene minutes after they arrived.
“Reports are he was out surfing with a couple of other gentlemen,” Queensland Ambulance Supervisor William Houghton said.
“It was actually witnessed by one of the other surfers, they saw him being attacked by the shark.”
Mr Houghton said lifesavers provided first aid on the beach.
“It was a pretty traumatic event for everybody concerned,” he said.
The beach has drum lines and is one of several on the Gold Coast with shark nets.
It is reportedly the first fatal shark attack at a Gold Coast beach since the late 1950s.
“It was a pretty severe attack. Paramedics were here and did what they could but it was to no avail,” Gold Coast Chief Lifeguard Warren Young told the ABC.
It is the second fatal shark attack in Queensland in little more than two months after 36-year-old Matthew Tratt died while spearfishing off Fraser Island in early July.
In June, Gold Coast surfer Rob Pedretti, 60, died after he was mauled by a three-metre white shark at Salt Beach at South Kingscliff in northern NSW.