The leader in the World Cup discipline standings posted a time of 1:57.48 on the legendary Hahnenkamm.
That was a quarter of a second quicker than Austrian Hannes Reichelt, who was also second quickest on Tuesday, with Slovenia’s Andrej Sporn third fastest.
Svindal, who crashed on the Lauberhorn in Wengen on Saturday after a jump and ended up in the safety nets, has never won at Kitzbuehel with a best placed downhill finish of fifth in 2010.
“This year I keep feeling good in the speed disciplines and these two trainings are no different. But as always, it’s one thing to be fast in the training run and a different one to do the same on race day," he said.
"That is when everyone gives it a little something extra and you need to find the balance of pushing hard but not making mistakes. Also, the slope is in great shape at the moment but start number might have an impact on the final results on Saturday.”
Andrej Jerman of Slovenia was missing after suffering a concussion following a crash on Tuesday.
There is one further training session before the downhill on Saturday. The Super G is on Friday with the Super Combined and Slalom on Sunday.
1 Aksel Lund SVINDAL (NOR) 1:57.48
2 Hannes REICHELT (AUT) 1:57.73
3 Andrej SPORN (SLO) 1:58.00
4 Dominik PARIS (ITA) 1:58.08
5 Klaus KROELL (AUT) 1:58.24
6 Florian SCHEIBER (AUT) 1:58.27
7 Georg STREITBERGER (AUT) 1:58.28
8 Kjetil JANSRUD (NOR) 1:58.48
9 Marc GISIN (SUI) 1:58.49
10 Matthias MAYER (AUT) 1:58.53