The actor is best known for his roles in film including Twister, Titanic as well as Ridley Scott’s Aliens and won an Emmy Award for Hatfield and McCoys.
He was starring in the CBS series Training Day, a follow-up to the 2001 Denzel Washington film, at the time of his death.
Later this year, he is set to appear alongside Tom Hanks and Emma Watson in film The Circle, which is currently in post-production.
The movie legend leaves behind his two children and his wife of over 30-years Louise Newbury.
A representative of the family said: “It is with heavy hearts we share the news that Bill Paxton has passed away due to complications from surgery.
“A loving husband and father, Bill began his career in Hollywood working on films in the art department and went on to have an illustrious career spanning four decades as a beloved and prolific actor and filmmaker.
“Bill’s passion for the arts was felt by all who knew him, and his warmth and tireless energy were undeniable. We ask to please respect the family’s wish for privacy as they mourn the loss of their adored husband and father.”
Born in Fort Worth, Texas, Paxton was destined for stardom as son of actor John Lane Paxton and his mother Mary Lou.
He made his film debut in the 1975 film Crazy Mama, before moving to New York to study acting at New York University.
Paxton swiftly went on to land small parts in film and television before he began to make his own short films such as Fish Heads, which eventually gained cult classic status after being aired on Saturday Night Live.
In 1984, he broke through with a small role in The Terminator and subsequently followed with parts in 1985’s Weird Science and 1986’s Aliens.
The star was married twice in his life, firstly to fellow actor Kelly Rowan, star of The O.C., with whom he tied the knot in 1979 only to divorce a year later.
In 1987 he married Newbury, with the couple going on to welcome two children, James, 23, and Lydia, 19.
He told People magazine in 2002 that he spotted his future wife on the streets of London in 1982 and followed her onto a bus to “chat her up”.