NSW police said emergency services had been called to a property, 20-kilometres south-west of Yass, at 2.45am.

They found a man at the property on Glenroy Road, Good Hope, with a stab wound. He died at the scene.

A second man was found nearby also suffering stab wounds.

It is understood the men knew each other. They are both believed to be in their 30s.

A crime scene has been established and a knife was found which will be taken for forensic examination.