The tragedy involved a group of climbers in the so-called Mannlkarscharte, a gap in the mountains southwest of Salzburg at about 3,000 meters (10,000 ft) above sea level.
One climber slipped on an icy area, causing the rest of the roped group to fall 200 meters into a glacier crevasse. The accident was observed by another group of climbers.
The Red Cross said five rescue helicopters were sent to the scene. The survivor is in critical but stable condition in a Salzburg hospital.
One of the dead was identified as a 34-year-old man from the state of Bavaria in Germany.
One member of the rescue and recovery team was injured slightly by a rock fall.