Cpl. Mike Black of the Olds RCMP said police received a call about a boy being found face down in a "decorative pond" at a rural property south of Olds near Highway 2A at about 8:28 p.m.
The boy was found in the pond by a family member and when emergency medical service personnel arrived, they attempted to resuscitate the boy.
He was transported by ground ambulance to the Alberta Children’s Hospital in Calgary where he later died.
Black said STARS air ambulance was not available to transport the boy to Calgary because of stormy weather at the time of the incident.
The boy and his family are from the United States and were in the area for a family reunion and Black said they had been in town for a few days.
Black described the incident as a "tragic accident" where it appears the boy fell into the pond.
The boy was not swimming at the time, he added, and foul play is not suspected.
Police are not releasing the name of the boy or the location of the property where the incident took place.