Emergency services were called to Winson Green Road after reports of a body in the water.
The woman was pulled from the canal around 3pm on Monday, May 10.
A bystander carried out CPR before ambulance crews arrived before taking the woman to hospital.
However, the woman, who was believed to be in her 40s, was confirmed dead at hospital a short time later.
The cause of her death is not yet known and is currently being treated as unexplained.
A spokesman for West Midlands Police said: "At 2.45pm this afternoon ( May 10), we received a 999 call from a member of the public reporting a body in the canal at Winson Green.
"A woman was recovered from the canal, and sadly pronounced dead at hospital at short time later.
"We are in the process of formally identifying the body but it’s believed to be that of a woman in her 40s.
"At this stage the death is being treated as unexplained."
A spokeswoman for West Midlands Ambulance Service said: "We were called by police at 2:55pm to a patient in the water at Winson Green Road, Birmingham.
"We sent two ambulances, two paramedic officers and a critical care paramedic to the scene.
"When crews arrived, the woman was out of the water in a critical condition, with bystander CPR already in progress.
"Crews took over in administering advanced life support to the patient at the scene and continued treatment on route to hospital."