The coroner's office has identified the victim as 28-year-old James Gordon. He died on Saturday from a gunshot wound at the University of Kentucky Medical Center and his death is being investigated as a homicide.
An autopsy is expected to be performed on Gordon's body on Saturday.
Police say the shooting happened in the 500 block of Woodland Avenue. The area is near the University of Kentucky.
Officials say a second victim was also injured, but that person's injuries are believed to be non-life threatening, Fox-News-affiliated WDRB reported.
Lt. Bastian says there's currently believed to be no threat to the campus.
No arrests have been made in the case. Lexington Police are continuing to investigate.