Emergency services made the discovery after searching the River Carron near Beaumont Drive at around 3:45pm on Saturday afternoon.
A police presence remained last night at the entrance to Cobblebrae Community Woodland which leads to the River Carron.
Police said formal identification had yet to take place but the family of Leanne Beattie had been informed.
The 36-year-old was last seen in the River Street area of Falkirk, around 10.00pm on Friday.
A statement from police said: “Formal identification has still to take place, however the family of Leanne Beattie, 36, who had been reported missing from River Street, Falkirk, have been informed.
“Enquiries are ongoing to establish the exact cause of death which is not being treated as suspicious.
“A full report will be sent to the Procurator Fiscal.”