"Witnesses have told police a shark attacked the teenager while he was surfing at Wilsons Headland at Wooli Beach, near Grafton," New South Wales police said in a statement.
"Several board-riders came to his assistance before the injured teen could be helped to shore. First aid was rendered for serious injuries to his legs and despite CPR efforts to revive him, the 15-year-old died at the scene," police said.
Beaches in the area including Wooli, Diggers Camp and Minnie Water have been closed. Police are investigating the incident. This was Australia's fifth fatal shark attack this year.
Last week, a 36-year-old man in the Australian state of Queensland died after being attacked by a shark while spearfishing.
In June, a shark killed a 60-year-old surfer at Salt Beach near Kingscliff on the far north coast of New South Wales.
CNN's Angus Watson reported from Sydney, Australia, and Isaac Yee reported from Hong Kong.
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