The 44-year-old was off-piste with his son in the luxury resort of Meribel, in the French Alps, when he fell.
It is claimed he was wearing a helmet and remained conscious.
The seven-time Formula 1 world champion was immediately airlifted to hospital where he is being treated for a ‘serious but not life-threatening’ head injury.
A spokesman for the emergency services said: ‘He was wearing a helmet but his head apparently hit a rock. He suffered a serious head injury.
“The alarm was raised, and when help arrived he was conscious but very shocked. A helicopter immediately airlifted him to hospital in Moutiers.”
Speaking to Radio Monte Carlo, Christophe Gernignon-Lecomte, the ski resort’s director, said: “He was shocked, a little shaken, but conscious.
“I do not know the severity of the injury. The police are currently conducting their investigation into the origins of the fall.”
It is understood Schumacher was staying in a luxury villa at the resort which is a favourite among Europe’s wealthy elite.
He is passionate skier who has a run named after him in the Italian ski resort of Madonna di Campiglio.
It is believed the 44-year-old has been transported to hospital near the resort in the province of Savoie in France
The former Benetton and Ferrari driver was skiing near the Dent de Burgin (Tooth of Burgin) chairlift, between two marked pistes, when he fell at 11.07am local time.
Minutes later, at 11.15am, he was airlifted to an emergency ward in Moutiers, nine miles away, before being transferred to Grenoble, 80 miles west.
Police are now investigating the circumstances of the accident.
Schumacher, who is due to celebrate his 45th birthday in five days, is a motor racing legend, having won the most championships, race victories, fastest laps, pole positions and races in a single season.
He has one son, and a daughter, Gina-Marie, with his wife, Corinna.
They live in a lakeside mansion in Switzerland worth £50million. He has an extensive classic car collection and a special trophy room for the awards he has collected during his racing career.
-By Daily Mail Online