Ena Kadic, 26, was found severely injured on Friday near the Drachenfelsen (Dragon rock) panorama platform, overlooking the steep ravine of the Sill River.
The beauty queen had fallen off the side of the Bergisel Mountain near Annesbrook.
Shortly after hitting the ground, Kadic managed to call her brother and inform him of the accident before
She was rescued by helicopter and taken to hospital in Annesbrook but she succumbed to her injuries on Tuesday morning.
A message was posted on the Miss World Facebook page, confirming her death.
"After suffering an accident running along the Bergisel Mountain, Ena has succumbed to her injuries," the message said.
"Our deepest sympathies go out to the family and friends of Ena, and we wish them strength in these sad times."
Kadic represented Austria in the Miss World competition in Bali in 2013.