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Police said the 26-year-old man died in hospital following the incident at Bramley-Moore Dock, which took place around 1pm on Monday.
"His next of kin have been told, and an investigation is under way," a Merseyside Police spokesperson said.
"Officers remain at the scene as we continue with the early stages of the investigation alongside the Health and Safety Executive."
In a statement, a spokesperson for Everton FC said the club was "heartbroken by the news".
"The thoughts and condolences of everyone connected with Everton are with his family, friends, and colleagues at this unimaginably sad time."
The club said its stadium contractor, Laing O'Rourke, would work with police and the Health and Safety Executive "to establish the full details of the incident".
A spokesperson for Laing O'Rourke confirmed the man was employed by one of its subcontractors and that work on the site had been suspended "until further notice".
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"We are shocked and saddened by today's tragic incident, and our thoughts are with the family and friends of the deceased man and our wider project team," the company said in a statement.
"We will cooperate fully with any investigation that follows."
The stadium is currently under construction and is set to be ready in time for the start of the 2025-26 season.
When completed, the stadium, which has an estimated build cost of around £500m, will seat almost 53,000 fans.
It will be known as the Everton Stadium.
Everton are due to move to the new stadium from their historic home, Goodison Park, where they have played their home games since 1892.
The site of Bramley-Moore Dock was chosen back in 2018 following a public consultation of more than 20,000 people - which recorded 96% positive feedback.
However, the plans were met with fierce criticism from UNESCO, which stripped Liverpool of its World Heritage status because of developments on the city's waterfront, including Everton's new stadium.