Leuchars woman Maureen Bannister, 43, was last seen on Sunday afternoon.
Search teams, including a police helicopter, scoured the north end of Tenstmuir near Tayport on Monday.
Maureen is known to walk her dog in the Tentsmuir Forest area.
The pet was found near her car shortly after Ms Bannister was reported missing.
Officers confirmed that a body, which has not yet been identified, was recovered on Monday evening from Tentsmuir Beach.
A Police Scotland spokesperson said: “We can confirm that a body has been recovered from Tentsmuir Beach, east Fife, during the evening of December 14.
“Inquiries are ongoing.”
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