The Scottish-born musician died on November 18 aged 64 after a battle with dementia.
Fellow rock stars Gary Anderson, Brian Johnson and ex-AC/DC drummer Phil Rudd also attended the funeral where guitar picks were reportedly handed out to mourners.
Young was hailed as a “visionary” by his band as they paid tribute following his death.
“With enormous dedication and commitment he was the driving force behind the band,” they said in a statement on Facebook.
“As a guitarist, songwriter and visionary he was a perfectionist and a unique man.
“He always stuck to his guns and did and said exactly what he wanted.
“He took great pride in all that he endeavoured.
The musician died “peacefully” with his family by his bedside, they added.
Angus said the bond he shared with his brother was “unique and very special”.
“He leaves behind an enormous legacy that will live on forever,” he added.
Young was replaced by his nephew Stevie for the band’s last tour promoting the 2014 album Rock Or Bust.
Malcolm is survived by his wife O’Linda, children Cara and Ross, son-in-law Josh, three grandchildren, sister and brother.