The 25-year-old suffered a cruciate ligament tear as well as fractures of the fibula and tibia after losing control during the race in Garmisch-Partenkirchen, the German SID news agency reported.
US downhill racer suffers major leg injuries in crash, out of Olympics
The downhill specialist was part of a 23-strong U.S. team. Team-mate Laurenne Ross also crashed heavily in the Garmisch event but escaped relatively unscathed.
Swiss oust great rivals Austria to win inaugural Alpine team event gold
The race was won by fellow American Lindsey Vonn.
Laurenne Ross walks away from horror crash
Vonn, who has overcome multiple knee injuries to compete in her fourth Olympics, lent her support to Wiles before the extent of her injuries was known.
"It was really hard to actually be happy and excited and celebrate because Jackie is in the hospital," said Vonn.
"It’s a really rough day for the whole team. I am happy that Lauren wasn’t hurt. I think she will be really sore tomorrow but at least her knee is OK."
Vonn shows class to claim victory in Garmisch