Emergency services were called to a house on Bottom Boat Road at around 9.30am this morning (Thursday).
They discovered the body of a 27-year-old man, who appeared to have suffered serious stab injuries.
Specialist forensic officers and detectives remain at the scene as investigations continue.
Detective Superintendent Elizabeth Belton, who is leading the enquiry, said: "This has clearly been a very serious incident which is now being treated as a murder enquiry.
"A forensic post mortem will take place to determine the exact cause of death but it is apparent the victim suffered stab injuries some time before he was found.
"For this reason I am appealing for anyone who witnessed suspicious activity at this address or nearby on the street overnight or early this morning to come forwards.
"I would also like to speak to anyone who may have any information about the assault on this male."
She added: “Local officers are carrying out reassurance work in the community today and house to house enquiries. I wish to stress that incidents such as these are very rare in the Wakefield area and particularly in this part of the District.”
Anyone with any information is asked to contact the Homicide and Major Enquiry Team on 101 referencing police log 0394 of December 17 or call Crimestoppers on 0800 555 111.