The two men set off from Mallnitz in southern Austria on a long trek on Wednesday but soon encountered a change in weather conditions prompting the 65-year-old survivor to take shelter.
The older man chose to continue but was blocked by heavy snow and strong wind. He sought refuge between boulders yet froze to death, according to police.
The surviving man, suffering from hypothermia, spent three nights in a camp before he was able to attract the attention of rescue workers surveying the area by helicopter.
Family members of the men alerted rescue services on Saturday morning, after the two failed to arrive at a designated meeting point.