All 10 were crew members aboard the two aircraft.
The accident occurred at the TLDM stadium in Lumut naval base in the western state of Perak at 9.32am, the navy said.
“All victims were confirmed dead at the scene and sent to the Lumut army base hospital for identification,” the navy said.
A video of the incident shows one of the helicopters clipping the rotor of the other aircraft before the two crash into the ground.
The two helicopters involved were a Fennec M502-6 and a HOM M503-3. A three-man crew was manning the Fennec helicopter, while there were seven crew members onboard the HOM helicopter.
The HOM crashed on the stairs at the TLDM stadium, while the Fennec helicopter crashed into the swimming pool in the sports complex.
The incident occurred during training for a flyover for the 90th Naval Day celebration.
Navy to set up investigation board
An investigation board will be set up to determine the cause of the crash.
Defence Minister Mohamed Khaled Nordin said one of the helicopters crashed into the swimming pool while another landed at a stadium within the military compound.
"I am going straight to Lumut to inspect the situation on the ground closely," he said before rushing off from the press conference at Kem Kementah.
He also urged the public not to share the viral video of the incident.
Earlier, in a statement, the navy said the 10 crew onboard the two helicopters were confirmed to have died at the scene.
"The bodies have been sent to the hospital at the TLDM base for identification purposes," it said in a brief statement confirming the 9.32am crash.
The navy also requested that members of the public refrain from spreading the video of the incident.
King expresses his condolences to victims and their families
His Majesty Sultan Ibrahim, King of Malaysia, has expressed his deepest condolences to the families of Lumut helicopter crash victims.
"Me and Raja Zarith feel deeply saddened by the loss of the nation’s heroes in this tragedy.
"Al-Fatihah and condolences to those who have left us forever. May they be placed among the believers and also the martyrs," said Sultan Ibrahim in his Facebook post on Tuesday (April 23).
Moreover, His Majesty urged for a full investigation by the armed forces.
"I also want the Malaysian Armed Forces to conduct a thorough investigation to obtain full information about this incident," he said.
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