Militants opened fire on a civilian passenger vehicle carrying CRPF jawans at Sempora in the Pantha Chowk area in the afternoon, a police official said.
He said six CRPF personnel were injured in the attack by the militants, who managed to flee taking advantage of the ensuing chaos.
One of the injured personnel, Head Constable Basappa, later succumbed to his injuries, the official said.
Two other security personnel were said to be critical.
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The CRPF jawans were on their way to Srinagar for duty in connection with the upcoming Lok Sabha bypolls.
This is the third militant attack on security forces in Srinagar in as many days.
Last evening, militants hurled a grenade at a police party in Nowhatta area of old Srinagar, killing one cop and injuring 15 other security personnel.
On April 1, militants had opened fire on an army convoy on the Parimpora-Pantha Chowk bypass, injuring two jawans.