First reports indicate that the bonds attached to the man's legs broke. He hit the ground near a pond, breaking his neck and several ribs.
The man, aged 25 from Kuwait, died in Patong Hospital soon after his leap about 6pm.
Officers from Kathu Police Station, which oversees the popular west coast destination of Patong, kept reporters away from the World Bungy Jump, which is close to the Patong Boxing Stadium in Sainamyen.
Tonight's tragedy - rare for bungy jumps all around the world - is likely to raise the critical issue of who enforces safety standards on Phuket for these kinds of thrills.
Clearly, with the leg bonds breaking free from the bungy rope, standards have not been maintained.
The man, bearded and wearing only shorts, has been named but Phuketwan is waiting to make sure his relatives have been notified before identifying him.
Both the Patong boxing business and the bungy jump are promoted online.
According to the Patong Boxing Stadium site, ''World Bungy jump Patong is located in the heart of Patong beside the Patong Boxing Stadium and Rock'n Bowl.
''The crane tower is 60 meters height. The highest bungy in Southern Thailand, jumping over a natural huge swamp and water-spring, over looking the panoramic view of Patong beach, operating to Australian standards.
''We have been established for ten years, with safety standards our No.1 priority.
''There is also a fish park, cooling drinks. Operating hours are between 9.30 am.- 6.30 pm. everyday.''
An unconfirmed report said that the seriously injured man had been carried to the hospital in a pickup, and that the driver was at first reluctant to reveal the cause of the man's injury.
The tourist's body is at Patong Hospital. International attention will be focused on the nature of the investigation and its outcome.