In a statement that was issued late Friday, the ministry said the family of farming student Clemence Mtenga had been notified of his death and talks were under way on repatriating his body.
Searches continue for the second Tanzanian student, Joshua Mollel, it added.
There was no immediate comment from Israeli officials.
Some 240 people were dragged into the Gaza Strip by Hamas, which also killed around 1,200 civilians and soldiers in the raid that sparked a now six-week-old war with Israel.
It was not immediately clear where Mtenga's remains had been recovered.
The Ministry of Foreign Affairs said he was among 260 youths who were in Israel for agricultural studies.
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