The 15-year study followed almost 150,000 post-menopausal women aged between 50 and 79. More than 3,100 women died of cancer over that time.
Those who reported taking the cholesterol-lowering drugs were less likely to have died of cancer than those who were not taking the drugs.
The findings showed lower death rates among those taking statins for several common cancers including breast, bowel and ovarian cancers.
But lung cancer death rates did not seem to be affected, contrary to previous research.
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However, experts in UK cautioned that randomised trials were needed to confirm whether the findings were directly due to the drugs' effects.
The study was designed to take into account other factors that affect cancer risk, such as family history, age, BMI and smoking rates.
But Dr Richard Roope, Cancer Research UK's GP expert, said the research "doesn't prove that post-menopausal women should take statins to lower their risk of dying from cancer.
Dr Ange Wang of the Stanford University School of Medicine, who led the study, said her team was "very excited" by the results, but agreed that the study did not prove statins were the reason why people were less likely to die from cancer, and that more research was needed.
"I think it should be a priority given how common statins are and how much their use has expanded, and how prevalent cancer is," she said.
This idea was supported by the new findings, which found no differences in the rate women developed cancer among the different groups on the study - only between those who subsequently died of the disease.