Police were called at around 2.20am to a report a man had been stabbed at an address in New Hall Lane.
Officers attended Kayley House where a 25-year-old man was found with a stab wound to the chest.
He was taken to Royal Preston Hospital for treatment but sadly later died from his injuries. His next of kin have been informed.
Two men were arrested at the scene and are in custody.
Temp Det Chief Supt Mark Winstanley, said: "We have launched a murder investigation following the death of a man in Preston.
"These are sad and very tragic circumstances and my thoughts are with the man’s family at this very difficult time.
"While we have arrested two men, we continue to piece together the circumstances around what happened.
"We know a number of people were in the building at the time of the incident and I would encourage anyone who has any information, or can assist our enquiries, to come forward."
Anyone with information can contact police on 101 quoting log 0125 of November 15.
Two men, aged 25 and 24, both from Preston, have been arrested on suspicion of murder and are in custody.
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