The Women's downhill competition of the Innsbruck 1976 Olympics was held at Axamer Lizum on Sunday, 8 February. The defending world champion was Annemarie Moser-Pröll of Austria, who was also the defending World Cup downhill champion, but spent this year away from racing to care for her ailing father; Switzerland's Bernadette Zurbriggen led the current season. Defending Olympic champion Marie-Theres Nadig was entered in the race but did not start.