The stampede took place at a stadium in the city of Nzerekore during a tournament between the Labe and Nzerekore teams in honour of Guinea's military leader, Mamadi Doumbouya.
A disputed penalty call sparked the violence, which saw fans throwing stones and security forces using tear gas on the crowd amid the confusion.
Authorities are investigating the stampede, which saw several children among the victims, according to local media and a coalition of political parties.
The country's leader announced three days of national mourning starting on Tuesday.