Vonn lost a ski on a jump while competing in the women's super-G at Schladming and had to be airlifted off the slope with a fractured leg and torn knee ligaments.
The U.S. Ski Association said in a written statement her injuries specifically included torn ACL and MCL ligaments in her right knee and a lateral tibial plateau fracture.
"She will be out for the remainder of this season but is expected to return to racing for the 2013-14 Audi FIS World Cup season and the 2014 Olympic Winter Games in Sochi," the statement said.
Vonn was in third place in the World Cup overall standings behind Tina Maze of Slovenia -- who went on to win Tuesday's super-G, and Maria Hoefl-Riesch of Germany. She was second in the super-G standings behind Maze and led in the downhill points race.
2014: The Year in Music [PHOTOS]