Laguna Beach police said the woman was walking near Victoria Point when she was swept into the ocean.
Police said a good Samaritan jumped into the water to try to save the woman, but was unsuccessful.
He himself then had to be rescued after struggling in the waves. He was having trouble breathing after he was pulled out of the ocean, police said.
A massive search was launched by sea and air. Shortly after 10 p.m. authorities reported finding her deceased.