The star, who had fought a long battle with alcoholism, was given "only hours" to live yesterday after suffering internal bleeding to his lungs.
A spokesman for the Cromwell hospital in West London confirmed: "After a long and very valiant fight, George Best died this afternoon in the intensive care unit."
Best had spent his final hours surrounded by loved ones, including son Calum, 24, and father Dickie, 87.
"Not only have I lost my dad but we've all lost a wonderful man," Calum told reporters.
A statement issued by the family read: "As you can imagine, this is a very difficult time so you will understand if we are a bit emotional. On behalf of the familly, a huge thankyou to everyone who has supported George and us through this traumatic time."
