The accident happened Wednesday evening as the vehicle, driven by a 33-year-old woman, was heading south on Deerfoot Trail.
Police say she was travelling at a high speed when her car went out of control, rotated clockwise and went off the road.
Another woman who was a passenger was thrown from the vehicle and died at the scene.
The driver suffered serious injuries.
Police think speed and alcohol were factors in the crash, and they're looking for anyone who may have witnessed the accident.