Lily Fenton was last seen late on Friday night in central Bristol.
The body was discovered following an extensive police operation at Bristol's harbourside on Saturday.
Avon and Somerset Police said her disappearance was not being treated as suspicious.
Miss Fenton's family have been informed.
Formal identification is still to take place.
The body is the fifth in five months to be found in the waterways around Bristol.
Police have issued a statement discounting rumours on social media that the search had anything to do with previous missing people found in the harbour.
A police spokesman said: "We can confirm a body has been found in the search for missing Lily Fenton.
"We would like to thank the public for their patience and understanding during our inquiries at Bristol harbourside.
"The rumours circulating on social media are unhelpful and speculation like this is very upsetting for family members."
A body has been found in the search for a missing 26-year-old woman.