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.
“From the outset, he knew what he wanted to achieve and, along with his younger brother, took to the world stage giving their all at every show. Nothing less would do for their fans.”
Fans and friends of Young have been posting their tributes to the popular musician on social media.
Tom Morello, of the US band Rage Against the Machine, tweeted his thanks to the “#1 greatest rhythm guitarist”.
English rock star David Coverdale, a member of the band Whitesnake and former lead singer of Deep Purple, also offered his “thoughts and prayers”. (Courtesy BBC)