Italian Winter Sports Federation confirmed on Thursday that Elena Fanchini lost her fight with cancer at the age of 37.
"At the end of a serious illness, Elena Fanchini passed away at her home in Solato," the federation said.
Fanchini participated in the Winter Olympics in 2006, 2010, and 2014, however she was forced to miss Pyeongchang 2018 after receiving a cancer diagnosis.
Fanchini finished on the podium four times at the World Cup and won two downhill gold medals in 2005 and 2015.
Italian downhill specialist Sofia Goggia dedicated her victory at Cortina last month to Fanchini.
After winning silver at the Alpine World Ski Championships, American two-time Olympic gold medalist Mikaela Shiffrin took to Twitter and paid tribute to Fanchini.
"This was a day filled with emotions. There is so much I'd like to share… but what weighs the heaviest is the loss of Elena Fanchini," she wrote.
"I'm sending my condolences to the whole Fanchini family, who have had such a strong impact on our sport and world with their passion and kindness. My heart is also with the Italian team, who are hurting very deeply now," she added.