The legendary musician had "been suffering from dementia for several years and passed away peacefully on Saturday with his family by his bedside," the AC/DC statement reads, according to Sputnik.
"It is with deepest sorrow that we inform you of the death of Malcolm Young, beloved husband, father, grandfather and brother," a statement reads on AC/DC's official Facebook page.
"Renowned for his musical prowess, Malcolm was a songwriter, guitarist, performer, producer and visionary who inspired many. 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."It continued: "Malcolm is survived by his loving wife Linda, children Cara and Ross, son-in-law Josh, three grandchildren, a sister and a brother."
"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. He always stuck to his guns and did and said exactly what he wanted. He took great pride in all that he endeavored. His loyalty to the fans was unsurpassed."His brother Angus wrote: "It is hard to express in words what he has meant to me during my life, the bond we had was unique and very special. He leaves behind an enormous legacy that will live on forever. Malcolm, job well done."
The family will open a memorial page next week for messages of condolences and they have reportedly asked people to donate to "The Salvation Army" instead of sending flowers.
Malcolm was born in Scotland, one of eight brothers. Later on his family relocated to Australia when he was 10, and he grew up in Sydney.
He founded the band with his brother in 1973 until he retired in 2014, due to health reasons.
In 2013 AC/DC was inducted into the Rock and Roll Hall of Fame.