Bhavita Patel of Blackburn South suburb died in hospital on Monday night after her family decided to turn off her life support following the fatal incident.
Doctors had tried to save Patel, but her condition did not improve and she lay unresponsive in hospital, according to a media report.
Patel, a senior manager with Deloitte, was walking back to her office from her lunch break when she was struck down by the speeding car which rammed into several pedestrians on the Bourke street on January 20.
Patel attended Australian National University in Canberra and worked as an accountant and adviser for the federal government before moving to Melbourne to work with the state government.
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Nine patients remain in hospital and one is still in a critical condition, police said, after 39 persons were treated after the incident.
Four persons - Thalia Hakin (10), Jess Mudie (22), Matthew Si (33), and a 25-year-old man - had died on the spot.
Dimitrious Gargasoulas, the 26-year-old man accused of driving the car, has been charged with five counts of murder.
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