Bystanders claimed the victim was a teenage boy who was shot dead in a park by men in balaclavas.
Dutch newspaper De Telegraaf reports the fire service had to resuscitate one victim after emergency services arrived en masse to attend the incident.
Police confirmed there have been “multiple casualties” of the attack.
They said in a statement “multiple shots” were discharged.
At least two people have been rushed to hospital, although the extent of their injuries is not yet known.
It is not yet known exactly how many people were involved in the incident.
The age and identity of the victim has also not been confirmed.
Images posted to social show a huge emergency services presence at the scene of the shooting, in the busy Amsterdam neighbourhood of Grote Wittesburgstraat, in the east of the city.
Ambulances rushed to the scene to take victims for treatment, and a trauma helicopter also swooped in to transport some victims to safety.
Streets have now been blocked and the immediate area around the site of the shooting has been cordoned off.
Police investigations are ongoing. The perpetrators have not yet been found.
Police do not believe the shooting is a terrorist incident. They told De Telegraaf: “It seems to be a criminal matter.”