The single-vehicle crash was reported on Hervey Range Road west of Townsville, in north Queensland, just after 6.30pm on Wednesday.
The Department of Defence confirmed the soldier's death on Thursday.
The incident occurred during a training course at the Townsville Field Training Area.
"We request that the privacy of defence members and families is respected at this time," the department said.
Multiple paramedic units and a rescue helicopter attended the scene, Queensland Ambulance said.
One patient "with life-threatening injuries" was assessed at the scene.
A man in his 30s was flown to Townsville University Hospital in a stable condition with chest and abdominal injuries.
Another man in his 20s was driven to the same hospital in a stable condition with back injuries.
Both have since been released, the department said.
Two soldiers were killed in a truck rollover south of Townsville in August 2021.
The department was charged in September 2023 with breaching federal work health and safety laws over the incident.
Another incident at Lismore in northern NSW hospitalised 13 soldiers during a flood response when one truck rolled and another tipped on its side in March.
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