A Royal Navy spokesman said: ''Arrangements are being put in place to attempt to tow the vessel to safety and Culdrose's helicopter Rescue 193 is en route with a back-up helicopter standing by at Culdrose.''
The Polish-registered 180ft (55m) long ship has so far lost one of its two masts, but there are fears it could lose the second.
A spokesman for the Coastguard confirmed the ship was carrying teenage cadets.
He said: "There are currently 47 people aboard the training vessel, including some teenagers.
"No injuries have been incurred and the vessel is awaiting tow. We are constantly monitoring the situation and staying in touch with the master."
The master requested immediate assistance at 8:03am saying they were in danger of losing their second mast and were experiencing Gale Force 9 winds.
Falmouth Coastguard put out a broadcast for help from other ships in the area and three vessels were heading towards the tall ship.
On route were the Container Vessel 'Andromodar' and Bulk Carrier 'Cornelia' and a large fishing vessel 'Nova Spirro'.