The objects, including sculptures, paintings and ritual objects, were buried in the 1930s during Mongolia's communist purge when hundreds of monasteries were looted and destroyed.
The Austrian team leader, Michael Eisenriegler, has described what they have found.
"We've dug out two treasure crates which were about [1.5 metres] below the surface," he said.
"They were filled to the top with the most amazing Buddhist objects you can ever imagine.... this was the adventure of a lifetime."
He says the treasures have a tremendous value for Mongolian culture.
"Buddhism was almost extinct in the communist times, especially in the 1930s," he said.
"This is why the treasure was originally buried and now this is one of the few possibilities to have Mongolian-Buddhist artefacts back at least in the museum."
