The body of the woman was found outside the Hotel Zürcherhof on Zähringerstrasse by passers-by at around 5am, Zurich police said in a statement.
Rescue workers attempted to resuscitate her and she was taken to hospital, however she died shortly afterwards, police said.
The victim is believed to have fallen four storeys from the hotel, but as yet the circumstances surrounding the fall are unknown.
The woman's identity has not yet been established.
Police are looking for witnesses – anyone with information should call Zurich police on 0444 117 117.