Officers say the 72-year-old victim was identified as Siu Nam Mak from the 1200 block of Kerper Street.
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READ | 72-year-old passenger dies after SEPTA buses crash in Philadelphia; at least 19 others injured
The crash happened around 12:10 p.m. in the southbound outer lanes of Roosevelt Boulevard at Shelmire Avenue.
Nam Mak was transported to Nazareth Hospital following the crash and was later pronounced dead.
At least 19 others were injured in the wreck, including a 38-year-old bus driver, who is listed in critical condition.
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There was no immediate word on the conditions of the other victims.
Police say one of the SEPTA bus drivers rear-ended the other while both vehicles were occupied.
"Somebody yelled, 'whoa whoa' like they missed their stop or something. And I guess that made (the bus driver) panic," recalled Robert West of the moments before the crash.
Officials say they will conduct a full internal review into what caused the collision.