The man was taken from Pai island to the small hospital on Phi Phi but doctors and nurses were unable to revive him.
The man's wife was on the holiday outing with him about 3.30pm when the incident occurred. His body was taken to Krabi Hospital, on the mainland.
Many Chinese tourists travel to Phi Phi and smaller islands in Phang Nga Bay from Phuket and Krabi.
Incidents involving the deaths of Chinese tourists in the water off the Andaman coast of Thailand occur with surprising frequency.