The desperate search began yesterday when crew members were alerted to the situation on the Pacific Dawn cruise ship.
Searches for the woman have now been called off, authorities confirm.
The cruise liner spent hours yesterday circling in rough seas while staff scoured the ocean for the woman.
The ship remained in the area this morning to continue the search.
The Captain this morning made an announcement to passengers confirming the search had been unsuccessful.
'It is with a very heavy heart that I need to let you know that we have been unable to locate our guest,' he said, according to The Courier Mail.
'We are still in the area of the incident, and the weather conditions with the swell three to four metres high, as you can see outside...the strong wind made our search extremely challenging.'
'As a result we have now made the extremely difficult decision to continue our journey towards Brisbane.
'I know I speak on behalf of all of you when I say our thoughts and prayers are with the family.'
Passengers report that her husband saw her fall overboard and went into shock. Life rings were cast into the water, but there has reportedly been no sign of her since.
According to passenger reports, there were children near the scene of the accident and they witnessed the event. The missing passenger was reportedly traveling with her kids, but it is unknown if they were on the deck.
'She leaned over and the ship rocked in heavy seas — her husband tried to catch her but she slipped,' one passenger posted on Facebook. .
Passengers say she was playing bingo before the fall, and had gone outside because she felt unwell.
More details to come.