Warm temperatures and rain have led to soft and wet conditions on the course and Olympic organisers said in a statement that the downhill would be run on Monday at 18:30 GMT.
On Friday neither the men nor the women were able to train and organisers said it would have taken a significant drop in temperatures for Saturday's race on the Dave Murray course to go ahead.
With Sunday's scheduled women's opener, the super-combined, already postponed, the opening weekend of Alpine action at the Vancouver Games was completely lost.
The women's super combined will now take place on Thursday. The downhill part of the race will be held at 1800 GMT with the slalom due to start at 2100 GMT.
The weather has already forced organisers to bring in snow by truck and helicopter at Cypress Mountain, where the freestyle skiing and snowboard events are held, due to lack of snow.