The victim, a resident of Obwalden, fell while skiing with four friends on a run known as the Täliskipiste at around noon on Saturday, Obwalden police said.
Staff from the ski area treated the woman before a Rega air rescue crew transported her by helicopter to Lucerne's cantonal hospital, where she succumbed to her injuries on Saturday night, police said in a news release.
The exact cause of the accident was not communicated.
Police said the woman was wearing a ski helmet and was an accomplished skier with good knowledge of the ski area.
The accident took place on a piste that was well groomed and marked, police added.
Rega, the Swiss rescue service, said on Sunday that it was kept busy during the Christmas-New Year's holiday period, responding to more than 320 calls for help.
Most of them related to incidents relating to mountain sports.
Among the cases, on New Year's Eve, Rega and two members of the Swiss Alpine Club helped rescue a group of 11 people who became lost while snowshoeing near Guttannen in the Bernese Oberland.
The group became disoriented due to poor visibility in the mountain area, Rega said.