Emergency services were called after shots were fired at an industrial site in Western Road, near City Hospital, at around 5.30pm on Tuesday evening.
When paramedics arrived they found a 31-year-old man who was pronounced dead at the scene.
Meanwhile a second injured man arrived at the Birmingham Midland Eye Centre across the road and he was taken to hospital with serious injuries.
A spokesman for West Midlands Police said the investigation was in the early stages and a forensic examination was being carried out at the scene on Tuesday evening.
A West Midlands Ambulance Service spokeswoman added: “We were called at 5:26pm to reports of a shooting in Birmingham. Two ambulances and a paramedic officer attended Western Road, where they found a man.
"Sadly, nothing could be done to save him and he was confirmed dead at the scene. At around the same time, crews were also called to reports of a second patient who had self-presented at the Eye Hospital.
"An ambulance and the West Midlands CARE Team was sent. On arrival, crews were presented with a man with serious injuries.
"He was initially treated at the scene before being taken to another hospital on blue lights and sirens for further treatment.”
Anyone with any information is asked to contact West Midlands Police via the live chat website or call on 101.