The news was confirmed on the star's Facebook page by his family.
"Our hearts are broken to announce that the incomparable Meat Loaf passed away tonight with his wife Deborah by his side," a message read.
The Bat Out of Hell star sold 100 million albums worldwide and appeared in movies like Fight Club, the Rocky Horror Picture Show and Wayne's World.
"Daughters Pearl and Amanda and close friends have been with him throughout the last 24 hours," his family continued.
"We know how much he meant to so many of you and we truly appreciate all of the love and support as we move through this time of grief in losing such an inspiring artist and beautiful man," his family added.
The Dallas-born singer, real name was Michael Lee Aday, was best known for his Bat Out Of Hell trilogy, which sold millions of albums worldwide.
His 1993 hit I'd Do Anything For Love (But I Won't Do That) earned him a Grammy Award.
Bat Out Of Hell - which remains one of the top 10 best-selling albums of all-time, alongside LPs by Michael Jackson, Whitney Houston and the Eagles - was also adapted as a stage musical, written by long-time collaborator Jim Steinman.