In a statement, Young’s family said he had been suffering from dementia for several years and that he “passed away peacefully with his family by his bedside.”
Young, along with his brother Angus, founded the band in 1973. Two years later, they released their first album, High Voltage.
“As a guitarist, songwriter and visionary he was a perfectionist and a unique man,” the band wrote on its Facebook page.
“He always stuck to his guns and did and said exactly what he wanted.“
The band’s supercharged music has allowed it to gain international success with songs such as “Highway to Hell”, “T.N.T.” and “Back in Black”.
Young performed with the band for more than 40 years before leaving in 2014 because of the disease. He was then replaced in the band by his nephew, Stevie Young.
The band was inducted into the Rock and Roll Hall of Fame in 2003.
Fans were quick to share their sorrow on Twitter: