The two-year-old boy was fatally injured on Sunday evening after being hit by broken shards from the frozen statue as it collapsed next to the skating rink at the Place Guillaume II Christmas market in Luxembourg.
Police told local media that the child succumbed to this wounds at the scene.
Place Guillaume II in Luxembourg City remained closed on Monday as authorities continue to investigate the cause of the accident.
Xavier Battel, the Prime Minister of the small, landlocked nation took to Twitter to express his condolences.
Mr Battel wrote: "I am shocked and distressed after the deadly incident yesterday at the Christmas Market where a small child lost his life."My deepest compassion and compassion for the family. "
Luxembourg police have called on any witnesses to come forward.