Petty was found unconscious, not breathing and in full cardiac arrest at his Malibu home early on Monday.
He was taken to hospital, but could not be revived and died later that evening.
Petty was best known as the lead singer of Tom Petty and The Heartbreakers, and his hits included American Girl, Breakdown, Free Fallin', Learning to Fly and Refugee.
Obituary: A quiet, unassuming legend
"He died peacefully at 20:40 Pacific time (03:40 GMT Tuesday) surrounded by family, his bandmates and friends," said his long-time manager Tony Dimitriades.
A statement on the singer's Twitter page described Petty's passing as an "untimely death".
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