He reportedly passed away in a Florida hospital from a heart attack with his family by his side.
The moustachioed megastar underwent heart bypass surgery in 2010. Reynolds is survived by his son, Quinton.
He shot to fame in 1972's Deliverance, becoming a Hollywood legend with his roles in Smokey and the Bandit, The Cannonball Run and Boogie Nights.
The veteran actor's agent, Todd Eisner, said his death was "heartbreaking".
Reynolds died at the Jupiter Medical Center in Florida.
The movie star's niece, Nancy Lee Hess, told the BBC his death had left the family "with a broken heart".
"My uncle was not just a movie icon, he was a generous, passionate and sensitive man who was dedicated to his family, friends, fans and acting students," she said.
"He has had health issues, however, this was totally unexpected."
She added: "I want to thank all of his amazing fans who have always supported and cheered him on, through all of the hills and valleys of his life and career."
