The figure was first posted on Twitter by avid Windows writer Paul Thurrott, and was later confirmed by Microsoft's Julia White at the company's TechEd customer conference in Houston.
The figure suggests that the launch of the applications has been a huge success as they have only been on the App Store for six weeks.
Word, PowerPoint and Excel have also occupied the top three positions in the App Store's productivity category since their launch, leaving Apple's Pages application trailing in fourth.
Just a week after the apps launched in late March, Microsoft tweeted that they had hit 12 million downloads, so 27 million downloads now represents considerable growth for the tech giants.
Although this figure looks good at first, Microsoft hasn't updated us since April on the number of subscribers they have using the iPad applications.
At the beginning of April Microsoft had only 4.4 million users subscribed. The current subscription figure won't be anywhere near the download figure, between six and seven million would be a safe bet.
Business Insider claims that that many of the 4.4 million subscribers are in fact business customers who use corporate accounts.
Much of the 27 million figure is likely to be a result of people's curiosity and just downloading to see what the application looks like. Once they've finished looking or realise it costs to use them most users would delete the applications straight away.
On the App Store Word, PowerPoint and Excel are free to download, but if you want the full functionality of the three applications you have to be an Office 365 subscriber, which costs £7.99 per month or £79.99 per year.