Police said security staff at Weston Park was called to a tent in the early hours where a man was unresponsive and not breathing.
The young man was given first aid, but later pronounced dead.
Police are treating the death of the man from Shropshire as unexplained and are keen to speak to anyone who may have information or seen him during Saturday evening.
A forensic examination of the scene has been carried out and detectives have been investigating the circumstances which led to the death.
Chief Inspector Carl Ratcliffe said: “We are very saddened by the tragic death of this young man and we are working to establish the full facts and build a picture of his actions in the few hours before his death.
“We will be preparing a report for Her Majesty’s coroner who has already been informed about this incident and we are working to support those affected by this incident.”
A spokesman for the V Festival said: “We are all very saddened by this tragic incident, and we want to extend our deepest sympathies to the family of this young man.
“Our team worked throughout the night to support those affected at the festival site and we want to thank everyone for their co-operation and support during the incident.”
A post-mortem examination will take place later.
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