A tally by Johns Hopkins University shows the death toll now stands at 1,000,555. The United States, Brazil and India make up nearly half of that total.
Experts caution that because of differences in recording deaths the true figure is probably much higher, the BBC reports.
The grim milestone comes nearly 10 months after news of the new coronavirus began to emerge in the Chinese city of Wuhan.
The pandemic has since spread to 188 countries with more than 32 million confirmed cases. Lockdowns and other measures to try to stop virus spreading have thrown many economies into recession.
Meanwhile, efforts to develop an effective vaccine are continuing - although the World Health Organisation warned that the death toll could hit two million before one is widely available.
The US has the world's highest death toll with about 205,000 fatalities followed by Brazil on 141,700 and India with 95,500 deaths.