Young, along with his brother Angus, founded the legendary rock band in 1975 in Australia.
"Renowned for his musical prowess Malcolm was a songwriter, guitarist, performer, producer and visionary who inspired many," the statement said. "From the outset, he knew what he wanted to achieve and, along with his younger brother, took to the world stage giving their all at every show. Nothing less would do for their fans."
Young played rhythm guitar to Angus' lead, and his driving riffs and mop-top hair were signatures of the band's sound and image for decades.
"His loyalty to the fans was unsurpassed," he wrote. "As his brother it is hard to express in words what he has meant to me during my life, the bond we had was unique and very special. He leaves behind an enormous legacy that will live on forever."
"He would look at me in times of crisis and go, 'We'll just go in and do some work. We'll sit and write some songs,'" he said. "He had that drive, and I feel obligated to keep it going, maybe because I was there in the beginning with him."
Rock and roll royalty
"In the process, AC/DC have carved out a niche somewhere between hard rock and heavy metal that's been an inspiration to aspiring musicians -- and given us crank-up-the-volume radio staples 'Back In Black,' 'Highway to Hell' and 'You Shook Me All Night Long,'" the hall of fame notes on its website.
Young's fellow musicians, as well as rock n' roll fans, voiced their condolences Saturday on Twitter.
AC/DC plans to create a memorial website at which fans can send messages to Malcolm Young's survivors, including his wife, O'Linda; children, Cara and Ross; son-in-law, Josh; three grandchildren; and his sister and brother. The family asked that in lieu of flowers, fans donate to The Salvation Army.
CNN's John Branch contributed to this story.