The 30-year-old man was found unconscious about 7pm, more than two hours after the class 2.5 avalanche.
He was given medical treatment on site before being flown to Lakes District Hospital about 8.10pm where he was pronounced dead.
He was snowboarding with two "close relatives" when he was caught in the avalanche about 4.40pm, police said.
The man's name would not be released until family had been informed.
The death would be referred to the coroner.
The man was located using an electronic search device.
He was not wearing a transceiver.
Coronet Peak ski area manager Hamish McCrostie said the snowboarders triggered the avalanche.
They were about a kilometre outside the boundary of the skifield, on a run known as the Dirty Four Creek, towards Skippers Valley, Mr McCrostie said.
They had gone past the skifield's boundary rope to reach the area.
Signs around the skifield yesterday, including at the tops of all lifts, warned of avalanche risk.
The man's companions sounded the alarm and rescue and emergency services were deployed, including a helicopter, alpine cliff rescue team and dogs.
About 10 Coronet Peak staff assembled at the closed terminal building after the alarm was raised.
They split up and boarded the Greengates Express chair-lift, motorised ski-bikes and a snow groomer and headed towards the scene at 6.25pm.
A helicopter buzzed overhead and flew in the same direction.
Police and St John vehicles were parked beside the first-aid lodge.
Queenstown firefighters and an appliance were on stand-by outside the terminal building until 7.15pm.
Soon after, a Heliworks helicopter landed outside the first-aid lodge.
Personnel prepared for take-off to the scene, with a stretcher among the items loaded on board.
The helicopter left at 7.30pm and two more snow groomers drove upwards from the first-aid lodge to the scene of the avalanche.
Lakes District Air Rescue Trust personnel were stood down after 8pm.
The Otago Daily Times understands a class 2 avalanche can bury or injure a person and a class 3 avalanche can bury a car, destroy a small building, or break trees.
