Police said Kinga Pelc from east Belfast died in hospital on Saturday.
A man in his 20s remains in a critical condition in hospital following the incident.
The horror smash happened on the Annadale Embankment around 3 pm on Friday afternoon involving a yellow Renault Megane coupe and a Suzuki Vitara XL-7 people carrier.
Two other people were taken to hospital for treatment to their injuries after the crash.
Their injuries are not believed to be life-threatening.
Anyone witnessed the crash is asked to ring police on the 101 non-emergency number.