Gareth Southgate's side will face Croatia on Wednesday night with a place in the World Cup final at stake, something England have not achieved since lifting the trophy for the one and only time in 1966.
A number of pre-tournament favourites have suffered unexpected eliminations along the way to help clear the path for England, but Young insists that he will not be happy unless they go all the way and win the trophy.
"I think we have got a great chance. We have put ourselves in a great position to go on and win it. I said before the start of the tournament we're not going out there not to win the World Cup," Young told reporters at his pre-match press conference.
"But we haven't won anything yet. There is no point in celebrating. Obviously it was nice to get the victory and the celebrations were muted just because we know there are still big games to come. We know there is a lot to play for.
"Croatia are a very good team. They are not in the semi-final for no reason. We have got to be prepared for them. Luka Modric is a fantastic player but they have players around the squad who are going to be difficult opponents."
Wednesday's match will be England's first taste of a World Cup semi-final since 1990.