Emergency services were called to Ashton Playing Fields in Woodford at 9.40pm on Saturday night.
The boy was then taken by ambulance to hospital where he was later pronounced dead.
The victim is believed to have been at a female friend's 16th birthday party, attended by about 100 people, at a social club in the playing fields.
Police said there was then a confrontation outside between four male youths and the victim, who was alone.
One of the males then stabbed the victim before all four made off on foot towards Chigwell Road, officers added.
No arrests have yet been made and detectives are appealing to anyone who has information about the stabbing to contact them.
A police spokesman said: "There were around 100 young people at this party and we are appealing for anyone with information or any witnesses to come forward as soon as possible.
"The victim's family are naturally devastated and in shock by what has happened and we need the help of those at the party that night to progress our investigation."
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