The ammunition was found at an altitude of 3,200 metres by a melting glacier on the Ago de Nardis peak in Trentino, the Daily Mail reported.
The 85-100 mm caliber explosives weighed between seven and 10 kilos and explosives experts have been to the site to safely dispose of the weaponry.
The once-perennial glacier began partially melted during a recent heat wave.
This allowed the Finance Police Alpine rescue unit - operating in the area between Pinzolo and Madonna di Campiglio - to catch sight of the brownish metal points emerging from the ice.
The ammunition had been spread over a 100-square-metre area during a series of battles fought between the armies of Austria-Hungary and Italy between 1915 and 1918.