The legendary US newscaster's death was announced by Charles Osgood on CBS Sunday Morning. A cause of death has yet to be confirmed.
Wallace had a six-decade career as a TV presenter, newscaster, broadcaster, quiz show host and radio announcer.
He was one of the original correspondents on CBS's long-running series 60 Minutes, and was known for his hard-hitting interviews.
Wallace began hosting late night interview shows in the 1950s before fronting Biography in the 1960s.
He became a CBS news presenter in 1963, and hosted the network's morning news show until 1966.
He was known for interviewing high-profile guests including Dr. Jack Kevorkian, Yasir Arafat and Iranian President Mahmoud Ahmadinejad.
Wallace was at the heart of a controversial interview with General William Westmoreland in 1982, and was sued for libel until it was settled in 1985.
Mike Wallace retired from 60 Minutes at the age of 88 in 2006 after 38 seasons.
At the time, he announced: "As I approach my 88th birthday, it's become apparent to me that my eyes and ears, among other appurtenances, aren't quite what they used to be. The prospect of long flights to wherever in search of whatever are not quite as appealing."
ABC News President Ben Sherwood said that Wallace was "an intrepid journalist who used the medium of television to powerful ends. A pioneer of broadcasting and network news, Mike was there at the creation".
The presenter was married four times, and is survived by his wife Mary Yates Wallace, his son Chris, stepdaughter Pauline Dora and stepson Eames Yates.
Watch Mike Wallace interview Malcolm X in 1964 below: