The teen, who was visiting Australia with her soccer team, was found early Monday morning.
The desperate search fro the 15-year-old began on Sunday after she and friends got into trouble at Glenelg Beach.
Surf life savers were able to pull the group from the water, but an emergency search for the girl had to be called off due to poor light.
Two team members who were also rescued remain at the Flinders Medical Centre, with one in critical condition and one stable.
Another teen who was rescued is at the Royal Adelaide Hospital in a serious but stable condition.
A witness at the scene said the group had been swept out by a strong current.
A local teenager told The Advertiser beachgoers and emergency services had spent hours looking for the group.
'We just heard there were five kids and they rescued four but one was still missing,' she said. 'They were hysterical.'
Three other children have died at the same spot since 2007.
This article originally appeared on New Idea.