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AC/DC, which also comprises Chris Slade and Axl Rose, mourned George's demise in a statement, reported BBC.
"It is with pain in our heart that we have to announce the passing of our beloved brother and mentor," the statement read.
The band also shared their thoughts on Twitter, saying, "Without his help and guidance there would not have been an AC/DC."
The location and cause of death is yet to be known.
Young was best known for his behind-the-scenes contribution in helping create a music group that would go on to become one of the biggest rock acts globally.
He was initially a guitarist of a Sydney-based band called, The Easybeats and found success as a songwriter.
Young was born on November 6, 1946 in Scotland's Glasgow and moved to Sydney in 1963 after his parents migrated to the Australian Continent.
Some of the classics penned by him include "Love is in the Air" and "Friday on my Mind".
His writings for Easybeats were loved internationally with acts such as Divinyls and INXS, David Bowie and punk-era American acts as the Plimsouls and the Three O'Clock doing their own renditions.
In the early '70s, he along with his bandmate Harry Vanda became Australia's most sought-after producing duo. They went on to develop the first five studio albums by AC/DC.
Young retired from the music business in the late 1990s, but returned in 2000 to produce AC/DC's album 'Stiff Upper Lip', which hit the No 3 spot in Australia and No 7 in the U S.