Imad Mohammed Nesir, 22, was killed in the north of the blockaded enclave, Gaza's health ministry says, adding four others were wounded in the raid.
Two Palestinians were shot dead during clashes along the frontier during the Great March of Return protests while two others were killed in an air strike, the health ministry in Gaza said.
Palestinian security sources in Hamas-ruled Gaza tell AFP that the Israeli fire hit Hamas military observation posts at three locations along the frontier. No reports of Palestinian casualties.
Analysts say the prospect of establishing an independent Palestinian state was consistently frustrated by Israel while the solution failed to address key grievances.
Israeli Prime Minister Benjamin Netanyahu pledged to annex settlements in the occupied West Bank if he wins the upcoming general election.
On Saturday protests in Gaza marked the one year anniversary of the Great March of Return and the 43rd anniversary of Palestinian Land Day.
Leaders meeting for the annual Arab League summit were united in their condemnation of Trump administration's policies seen as unfairly biased toward Israel but divided on a host of other issues, including whether to readmit founding member Syria.
Sunday's reopening comes after Israeli forces killed four Palestinians as tens of thousands protesters gathered at the Israel-Gaza fence on Saturday to mark a year since protests and clashes erupted there.
Palestinians mark first anniversary of protests on Israel-Gaza buffer zone against Israeli-Egyptian economic blockade and right of return to lands that Palestinian families fled or were driven from on Israel's founding in 1948.
Gaza's Health Ministry says a Palestinian man was shot dead by Israeli forces near the perimeter fence with Israel, hours before Gaza anniversary rally, one year after the first of weekly Great March of Return protests.
The Israeli army says its warplanes struck "several" targets in the Gaza Strip as a fragile truce with the territory's Hamas leaders appeared to falter. The UN says Israeli attacks on Gaza could be a crime against humanity.
Intense Israeli air raids make a comeback in besieged Gaza after rockets fired at Tel Aviv ahead of Israeli elections. As the ceasefire remains on hold, the residents of the strip are exhausted.
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