It was reported earlier today that she had been admitted to an intensive care unit in Los Angeles following a deterioration in her health.
The former Charlie's Angels star was battling anal cancer for three years. She had been given the all-clear in 2007, however, the disease later returned, BBC News reports.
Earlier this week, the actress's long-term boyfriend Ryan O'Neal revealed that he planned to marry her. The couple started dating in the 1980s, while they had one son together, Redmond, 24, who is currently serving a prison sentence for drug use.
According to Sky News, O'Neal said in a statement: "After a long and brave battle with cancer, our beloved Farrah has passed away.
"Although this is an extremely difficult time for her family and friends, we take comfort in the beautiful times that we shared with Farrah over the years and the knowledge that her life brought joy to so many people around the world."
It is believed that he was at her bedside along with other friends and family. It has also been claimed that a priest was called to her hospital room before she passed away.
From 1973 to 1982, Fawcett was married to Six Million Dollar Man actor Lee Majors.
She picked up a number of Golden Globe and Emmy nominations, and in 1995 she was honoured with a star on the Hollywood Walk Of Fame.
> Obituary: Farrah Fawcett