The seven-year-old became lost in the snow at Mt Buller yesterday, prompting a search by police, volunteers and resort staff.
He was later found unconscious by emergency services around 6pm, around one hour after he was reported missing.
He was taken to the nearby Mt Buller Medical Centre but doctors were unable to revive him.
Victorian Police said the Roxburgh Park boy had been found covered in snow.
The boy's disappearance is not believed to be suspicious and police are not investigating foul play.
Victoria Police will prepare a report for the coroner.
Temperatures at the resort dropped as low as an apparent minus 10 degrees overnight.
- with AAP
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