The woman, whose age or identity is not yet known, is said to have entered the water at O’Brien’s Bridge just after 2.30pm and the alarm was raised by a member of the public.
She was removed from the water near Lough Atalia within 40 minutes after an extensive search from The Coast Guard and the RNLI.
She was then taken to hospital where she was later pronounced dead.
The tragedy comes in the wake of calls for the Galway City council to improve safety features round the river.
Meanwhile a petition titled 'Make the River Corrib Safer - Let's Save Some Lives' has gathered over 27,000 signatures.