Fanchini, who took part in the 2006, 2010 and 2014 Winter Olympics, was forced to withdraw from the 2018 PyeongChang Games after being diagnosed with cancer.
"At the end of a serious illness, Elena Fanchini passed away at her home in Solato (near Brescia)," FISI said in a statement.
Fanchini also participated in six World Championships and made four World Cup podiums, all in downhill, including two victories in Lake Louise, Canada in 2005 and Cortina d'Ampezzo, Italy in 2015.