Kriechmayr finished a slim 0.04 seconds ahead of Aleksander Aamodt Kilde, the Norwegian who won the previous downhill in Val Gardena.
Daniel Hemetsberger of Austria was third, 0.19 behind, in very icy conditions.
Kriechmayr has won three World Cup races in his career, two super-Gs and one downhill.
The annual downhill race is scheduled for Friday, followed by a super-G on Saturday.
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