The award winning Hollywood actor died from surgery complications.
The Titanic and Apollo 13 star’s family announced the sad news “with heavy hearts” in a statement today.
They said: “It is with heavy hearts we share the news that Bill Paxton has passed away due to complications from surgery.”
His family described his “illustrious career spanning four decades as a beloved and prolific actor and filmmaker”.
“Bill’s passion for the arts was felt by all who knew him, and his warmth and tireless energy were undeniable,” they added.
"We ask to please respect the family's wish for privacy as they mourn the loss of their adored husband and father."
The beloved Sci-Fi actor was best known for his roles in Titanic, Twister and Aliens, and won an Emmy for his role in Hatfields and McCoys, alongside Kevin Costner.
He appeared in some of the most popular films of the 1980s, from a brief appearance as a blue-haired punk opposite Arnold Schwarzenegger in The Terminator to memorable roles in True Lies, Titanic and Apollo 13.
Major film roles waned in the 2000s but a television career blossomed. He was working on CBS series Training Day at the time of his death.
Bill leaves behind his British wife Louise Newbury and two children, James, 23, and Lydia, 19.
Lydia is a student at Duke University, while James followed in his father's footsteps to carve out an acting career.
He is currently starring on USA Network's eyewitness, but starred alongside his dad on Texas Risking.
At the time, James said: "He was really cool. I was there shooting a behind-the-scenes video for a making-of, so I was around him on set a lot.
"I was just picking up all I could from him, because he was such a leader on set. He keeps that morale with the crew and cast."
Bill was credited in 93 films and TV shows throughout his acting career.
He was nominated for four Golden Globes and won two awards at the Academy of Science Fiction, Fantasy & Horror Films.
Tributes have begun to pour in for the much-loved star on social media.
Actor Peter Mayhew, who plays Chewbacca in Star Wars, wrote: "RIP Bill Paxton. He was a kind man and a true gentlemen. His light will be missed in this world."
Screenwriter Brian Lynch added: "RIP Bill Paxton. great in everything, was the highlight of every movie he was in. Underrated director too."
Good friend Rob Lowe said: "Devastated by the sudden loss of my close friend and one of the finest actors in the business, Bill Paxton. Renaissance man, raconteur and uniquely American national treasure.
"His filmography speaks for itself. His friendship was a blessing. My love to Bunny, James and Lydia."
William Shatner wrote: "Condolences to the family of Bill Paxton. I just heard the news."
Meanwhile Josh Gad mourned: "The loss of Bill Paxton is beyond crushing. Once again, an icon, far too young, gone far too soon. Goodbye Private Hudson."
Private Hudson was the name of Bill's character in Aliens.
Julie Benz said simply: "Rest in Peace my sweet friend."