Known for the powerhouse riffs and rhythm guitar that propelled the Sydney group to superstardom, Young had been suffering from dementia for the past three years.
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He was replaced by his nephew Stevie for the band's last tour promoting the 2014 album Rock Or Bust.
He died peacefully on Saturday with his family by his bedside, a statement said.
"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."
Formed in Sydney in 1973 by Malcolm and his younger brother Angus, AC/DC built a loyal Australian fanbase on the back of relentless touring and albums such as Powerage and Dirty Deeds Done Dirt Cheap.
The band survived the 1980 death of frontman Bon Scott, returning with the classic Back In Black, which remains the second-biggest selling album of all- time with an estimated 50 million copies sold worldwide.
Young last featured on the band's Black Ice tour, which ran from 2008 to 2010 and is the fourth-highest grossing tour of all time.
He is survived by his wife O'Linda and two children.
Malcolm and Angus' older brother George, who paved the way for his siblings with legendary 1960s group The Easybeats before finding further success as a songwriter and producer with ex-bandmate Harry Vanda, died last month aged 70.
AAP
