The coronavirus disease 2019 (COVID-19) epidemic that originated in Wuhan, China has spread to more than 60 countries. We estimated the age-specific case fatality ratio (CFR) by fitting a transmission model to data from China, accounting for underreporting of cases and the time delay to death. Overall CFR among all infections was 1.6% (1.4-1.8%) and increased considerably for the elderly, highlighting the expected burden for populations with further expansion of the COVID-19 epidemic around the globe.