The military operation "eliminated" Yahia Djouadi, who has been described as the group's "finance and logistics coordinator".
France's army says it killed a "senior" Al-Qaeda operative during a military operation in Mali last month.
Yahia Djouadi -- also known as Abu Ammar al-Jazairi -- was killed overnight on February 26, the French Armed Forces Ministry said in a statement.
The anti-jihadist operation took place around 100 kilometres north of Timbuktu, it added.
Djouadi -- an Algerian national -- was referred to as a "senior leader" of al-Qaeda in the Islamic Maghreb (AQIM), responsible for coordinating "finance and logistics".
The French army said he was located in a known area in Mali that the group has used as a "refuge".
"He was neutralised in a ground intervention, assisted by a reconnaissance and attack helicopter and two French drones,” the statement read.
His death "once again weakens al Qaeda's governance" in Mali, Paris stated, saying the mission was a "significant tactical success".
The killing of Djouadi comes as European countries have agreed to withdraw military forces from Mali, following a request from the country's military junta.
France had agreed to withdraw around 2,400 troops in total from the Sahel region but says it "remains committed" to supporting anti-terrorist efforts in West Africa, where local factions of Al-Qaeda and the so-called Islamic State are still active.
According to an official report, an attack on a Malian army camp in Mondoro on Friday left at least 27 soldiers dead.
Meanwhile, a United Nations peacekeeping convoy hit a roadside bomb on Monday, killing two people and wounding four others. Another attack on the Malian military left two dead.