According to reports, Kalimuthu, hailing from Dindigul district, suffered serious injuries when a bull attacked him while he was near the bull collection point by the animal owners.
Around 25 others were also injured in the event at Palamedu in Madurai, around 500 km from here.
Jallikattu is part of Pongal festivities in Tamil Nadu.
Around 455 bulls participated in the event at Palamedu that began in the morning.
The rules of the sport say that a bull tamer will be awarded a prize if he hangs on to the hump of the animal for a certain period of time.
The Chief Minister will also distribute prizes for the winners.
Nearly 1000 bull tamers and 3,000 bulls are participating in Jallikattu this year.
However, after facing a severe backlash from participants, the order was revoked.
Last year, the top court had directed the state government and the organisers of the event to ensure the safety of spectators considering the immense popularity of the sport in Tamil Nadu.