The heist took place on the night of March 22-23, with thieves forcing open the entrance door, police said.
The three stolen paintings are Fish by Auguste Renoir, Still Life with Cherries by Paul Cézanne, and Odalisque on the Terrace by Henri Matisse.
The Magnani Rocca Foundation, a private museum, lies in the heart of the countryside 20km from Parma.
Local media reported that the thieves were able to nab the paintings in less than three minutes and escape across the museum gardens.
Established in 1977, the foundation hosts the collection of the art historian Luigi Magnani and also includes works by Dürer, Rubens, Van Dyck, Goya and Monet.
The museum believes a structured and organised gang was responsible for the theft, which was interrupted by the alarm, local media reported.
The museum did not post any statement about the theft on its website and was not reachable for a comment, because it is closed on Monday.
The crime comes after a series of high-profile heists at major European museums, including a major incident in October where thieves stole jewels and other items worth 88 million euros ($A148 million) from the Louvre in Paris.
Italian art expert Claudio Strinati said that the three stolen paintings are minor works from the three masters.
"Renoir's painting, for example, is very beautiful but, within the context of the foundation as a whole, it isn't among the most important works," he told the Associated Press.
Strinati also said the heist could be followed by a ransom request.
"Art thefts can indeed be carried out for the purpose of extortion," he said.
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