Doctors reportedly discovered Eddie's throat cancer had moved to his brain and other organs in the last week and his condition rapidly deteriorated.
Eddie's son Wolfgang, 29, who is the bassist for Van Halen, announced the news on social media yesterday, saying Eddie was the "best father I could ever ask for".
Eddie's ex-wife Valerie Bertinelli, whom he was married to from 1981 to 2007 and had Wolfgang with, also posted a moving tribute, saying her life "changed forever" when she met him.
"Through all your challenging treatments for lung cancer, you kept your gorgeous spirit and that impish grin," Bertinelli wrote. "I'm so grateful Wolfie and I were able to hold you in your last moments. I will see you in our next life my love."
The entire entertainment industry is mourning the loss of Van Halen, who is credited for influencing a generation of guitarists with his self-taught abilities.
Fellow bandmates David Lee Roth and Sammy Hagar posted tributes, as well as rock legends Billy Idol, Gene Simmons and Lenny Kravitz.
Eddie formed Van Halen with his beloved brother Alex in 1972 and by the early 1980s, Van Halen were one of the most successful rock acts of the time, with their album 1984 going five-times platinum thanks to hits like Jump, Panama and I'll Wait.
