Sao Paulo's Albert Einstein hospital, where Pele was undergoing treatment, said he died at 3:27pm on Thursday "due to multiple organ failures resulting from the progression of colon cancer associated with his previous medical condition."
The death of the only man to win the FIFA World Cup three times as a player was confirmed on his Instagram account.
"Inspiration and love marked the journey of King Pele, who peacefully passed away today," it read, adding he had "enchanted the world with his genius in sport, stopped a war, carried out social works all over the world and spread what he most believed to be the cure for all our problems: love."
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Brazil legend Pele dies aged 82
Tributes poured in from all over the world, including from modern greats such as Cristiano Ronaldo and Messi, as well as Brazil star Neymar.
"Before Pele, '10' was just a number," Neymar wrote in an Instagram post.
"I read that phrase somewhere, at some point in my life. But that phrase, beautiful, is incomplete.
"I'd say before Pele, football was just a sport. Pele changed everything. He turned football into art, into entertainment.
"He gave voice to the poor, to the blacks and especially: it gave visibility to Brazil.
"Football and Brazil have elevated their status thanks to the King! He's gone, but his magic will remain."
Brazil captain Thiago Silva also took to Instagram, posting: "Rest in peace 'Rei', God bless all his family."
Argentina's World Cup winner Messi posted a picture of him and Pele along with the message: "Rest in peace, @pele."
Ronaldo posted a picture of him receiving an award from Pele, and wrote: "My deepest condolences to all of Brazil, and in particular to the family of Mr. Edson Arantes do Nascimento.
"A mere 'goodbye' to the eternal King Pele will never be enough to express the pain that currently embraces the entire world of football.
"An inspiration for so many millions, a reference from yesterday, today, forever. The affection he always showed for me was reciprocal in every moment we shared, even from a distance.
"He will never be forgotten and his memory will live on forever in each of us football lovers. Rest in peace, King Pele."
France star Kylian Mbappe also paid tribute to Pele, tweeting: "The king of football has left us, but his legacy will never be forgotten."
