The Captain America creator was one of the last living stars of the Golden Age of comics.
Simon was best known for his long-time collaboration with Jack Kirby, who passed away in 1994.
The pair are also known for their creation of the Sandman, the Newsboy Legion, the Boy Commandos and Manhunter for DC Comics, and as pioneers of the first horror and romance comics.
Simon and Kirby debuted the iconic American hero in Captain America Comics #1 in 1941.
The writer and artist's first paid comics work was published in 1936. He went on to become editor-in-chief for Marvel Comics precursor Timely Comics.
Simon was last in the news in 2007. Commenting on the death of Steve Rogers, he said: "This is a time when we need Captain America more than ever."
"We lost another of the Titans this week. A creative virtuoso, Joe Simon will be best known for co-creating Captain America with legendary artist Jack Kirby but his many contributions to DC Comics, both as a writer and an editor, are legion and will continue to be cherished by longtime fans, this one included," said DC Comics publisher Jim Lee.
"Our sympathies go out to his family, friends and many, many fans."
Simon's creation Bucky is due to return to comics in a new Winter Soldier series in February.
Joker creator Jerry Robinson died at the age of 89 earlier in December.