He died peacefully on Saturday with his family nearby, a statement said.
Young will be remembered for his powerful rhythm guitar riffs that were instrumental in propelling the Sydney heavy rock group to stardom.
Three Young brothers have been part of AC/DC's history, including lead guitarist Angus. Producer George Young died in October.
"Renowned for his musical prowess, Malcolm was a songwriter, guitarist, performer, producer and visionary who inspired many," the statement read.
