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She revealed last year that she had been battling cancer since 2017.
The news of her death was announced by the race track that made her famous. The Nurburgring Twitter account released a statement that said: "The Nurburgring has lost its most famous female racing driver.
"Sabine Schmitz passed away far too early after a long illness. We will miss her and her cheerful nature. Rest in peace Sabine!"
Schmitz, a legend of German motor racing, opened up about her battle against the disease last year when she explained why she wouldn't be present at the Nurburgring Endurance Series.
She wrote: "Dear friends of professional motor sport.
"Many of you have probably wondered why I was on the list of participants on our Porsche in the NSL and then didn't drive after all.
"I would like to provide enlightenment here, I think I owe it to my/our fans!
"Since the end of 2017, I have been fighting an extremely persistent cancer that has not been eliminated with the resources so far. It got a little better - but now it's come back with full force.
"Now I have to draw all the strength and nerve to master the next powerful therapies ... hoping something [good] will happen. So I say goodbye 'probably' for the first time this season."
She continued: "In addition, I would like to thank everyone for their help and support in my everyday life, and encouragement in writing!
"So sweethearts, now you have an update. Please stay healthy and cheerful, see you at the 'Ring."
Schmitz grew up as a child within the area covered by Germany's iconic - and gigantic - race track. In her lifetime she completed more than 20,000 laps of the track, earning her 'Queen of the Nurburgring' title.
After appearing first on the show in 2004, she quickly became a popular guest on Top Gear, often racing around the track that she loved.
Following the departure of Jeremy Clarkson, Richard Hammond, and James May, Schmitz worked alongside Chris Evans, Matt LeBlanc, Paddy McGuinness, and Andrew Flintoff during her time on the show.
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