The American superstar was airlifted to hospital after falling midway through her race, tearing ligaments in her right knee and fracturing her tibia.
Vonn, four-time World Cup overall champion, was competing in the Super-G when she lost her balance after landing from a jump, landing on her right knee before flipping over and crashing through a gate.
She was treated on the course before being taken to hospital.
A statement on the US Ski Team’s official website said: “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 race had been delayed by almost four hours because of fog and then was affected by fading light.
Vonn was 0.12 seconds outside the time of race leader and eventual winner Tina Maze of Slovenia when she fell.
This is the latest setback for the 28-year-old who missed several weeks of the season through illness in November.