The Israeli army said "the assailant arrived in his vehicle to a military post adjacent to the community of Ofra, north of Ramallah, and accelerated" towards a soldier before the attempted stabbing.
It said the alleged assailant had been "neutralised," and that there were no Israelis injured in the attack.
The Palestinian health ministry confirmed the man's death.
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He is the fourth Palestinian killed by Israeli in the West Bank since Monday, when a conflict between Israel and Palestinian armed groups in Gaza escalated.
Violent protests have flared across the West Bank amid the Gaza hostilities, which has seen Gaza-based armed groups launch more than 1,800 rockets at Israel.
Israel has responded with heavy air strikes and artillery fire. Nine people have died in Israel from Gaza hostilities and 119 people have been killed in Gaza.
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