She passed away in Adelaide, the Australian Olympic Committee confirmed on Saturday night.

Rolton won gold at the 1992 Barcelona Olympic Games but made headlines around the world and became a household name back home four years later for her ride in Atlanta where she won her second gold medal.

She sustained a broken collarbone and cracked her ribs five minutes into the event when her horse, Peppermint Grove, lost his footing and fell twice.

Rolton got back in the saddle both times and successfully completed the course to secure gold.

"You don't go to the Games to be a wuss, you don't go to the Games to be a wimp," she told Australian Story.

She was inducted into the Sport Australia Hall of Fame in 2000 after being only one of eight flag bearers at the opening ceremony of the Sydney games.

She was then elevated in the South Australian Sport Hall of Fame last year to legend status to sit alongside Sir Donald Bradman and Bart Cummings.

After hanging up her competitive riding boots she remained heavily involved with the sport. Rolton served on the grand jury at the 2012 London Olympics, then head of the grand jury at the 2014 world championships.

Rolton is also credited with putting Australia on the international equestrian map thanks to the Adelaide Three-Day international event, of which she was the event director.

"While we mourn a dear friend and a remarkable colleague, we also want to take the time with the South Australian public and competitors and friends from across the globe to celebrate Gill's achievements and the sport that she loved," chair of the Adelaide Three-Day Dr Felicity-Ann Lewis said.

"She worked tirelessly as event director to ensure that the world knows about Adelaide and the unique equestrian event that is hosted in the heart of this beautiful city."

Rolton organised this year's event, which is taking place in the Adelaide City Parklands and wraps up on Sunday, from her hospital bed after being admitted back in September.

Rolton only recently went public with her illness after she was awarded the key to the City of Adelaide earlier this year.