Michael Preston, 20, of Durban Road, Grimsby, was found guilty following a trial at Sheffield Crown Court.
Preston stabbed Dean Southwick, 29, in Churchill Way, Grimsby, on 9 October. Mr Southwick later died in Diana, Princess of Wales Hospital.
He also stabbed and seriously injured 18-year-old Charlie Day in the same attack.
Preston had denied murder and attempted murder, but admitted manslaughter and wounding.
He will serve a minimum of 26 years in prison.
Det Supt Umberto Cuozzo said: "No one would have foreseen that a small gathering of friends could have ended in such tragic and horrific circumstances.
"Preston maintained his innocence during the trial in order to try and convince that he did not act unlawfully.
"The jury saw through this account and have found him guilty of the murder of Dean and the attempted murder of Charlie. I hope this verdict provides some comfort to his family knowing justice has been done."
A man has been jailed for life for murder and attempted murder for a knife attack which left a man dead.