"Today it is with deep heartfelt sadness that AC/DC has to announce the passing of Malcolm Young," a statement on the band's website said.
"With enormous dedication and commitment he was the driving force behind the band.
"As a guitarist, songwriter and visionary he was a perfectionist and a unique man."
Best known for their hit song Highway to Hell, AC/DC formed in 1973 and went on to produce 17 studio albums, selling more than 200 million records.
Malcolm had been suffering from dementia for the last three years, and was replaced in the band by his nephew Stevie Young.
Elder brother George, who the band described as a mentor, died earlier this year.
The three brothers were born in Scotland.
They emigrated to Australia as children with their family, although their eldest brother remained in the UK.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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