Doctors in Shanghai said Wang, a four-time champion in short track speed skating, broke both bones in the ankle and will require internal fixation surgery, Xinhua reported.
She was injured when she collided with a teammate during training, said Zhao Yinggang, head of China's winter sports administration.
Wang will have to be off the ankle for six to eight weeks, said Liu Yasen, a doctor for the Chinese weight-lifting team.
Wang won the women's 500-meter relays at the 2006 Games. She won the 500-meter, 1,000-meter and 3,000-meter relays in 2010.
She was favored in the women's 500-meter relay competition, which starts Feb. 10. The semifinals in the 3,000-meter event begin the same day.