The 25-year-old man was thrown from a bull, which then struck him, about 8pm during the novice bull ride event at the New Year's Eve Rodeo at Warwick Showgrounds.
Paramedics treated him at the scene, with revellers told the family fireworks would be delayed due to "a serious arena incident" in a post by the Warwick Show and Rodeo Society on Facebook.
The man was taken to hospital in a critical condition with "serious chest injuries" and later died, Queensland Ambulance Service said.
The Warwick Show and Rodeo Society has extended its "deepest condolences" to the man's family and friends, saying it will hold a fundraiser for them.
"The Warwick Show and Rodeo Society will be "Passing the Hat Around" today at our National Rodeo Association Junior Rodeo to assist in any way we can financially for the family with funeral arrangements, and where possible, any long-term care for the family," the organisation said in a Facebook post on Sunday morning.
"Please understand that this is a very difficult time for the family, the Society, the National Rodeo Association, and his fellow competitors, so we request that the privacy of the family is upheld at this difficult time."
Police will prepare a report on the man's death for the coroner.
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