The beloved presenter was most recently on our screens on BBC's Strictly Come Dancing but stepped down due to ill health.
In 2015 he had a fall at home and had to have two keyhole surgeries for aneurysms.
The presenter started his TV career at the age of just 14 and went on to present the Price is Right and Play Your Cards Right.
His manager Ian Wilson released a statement saying: 'It is with great sadness that the Forsyth family announce that Sir Bruce passed away this afternoon, peacefully at his home surrounded by his wife Wilnelia and all his children.
'A couple of weeks ago, a friend visited him and asked him what he had been doing these last 18 months.
'With a twinkle in his eye, he responded 'I've been very, very busy... being ill!
'Unfortunately, not long after this, his health deteriorated and he contracted bronchial pneumonia.
'The family would like to express their thanks to the many people who have sent cards and letters to Bruce wishing him well over his long illness and know that they will share in part, the great, great loss they feel.
'There will be no further comment at the moment and it would be much appreciated if the privacy of Sir Bruce's family is respected at this most difficult time.'
Stars were quick to tweet their condolences:
Dear SIr Bruce. Truly natural & magical entertainer, so wonderful with his audiences. in his words You're My Favourite RIP âœ¨âœ¨âœ¨ https://t.co/d3nDESC1E0— Zoe Ball (@ZoeTheBall) August 18, 2017
Didn't he do well.— Sue Perkins (@sueperkins) August 18, 2017
RIP Sir Bruce.
The presenter, who was famous for catchphrases such as 'Nice to see you, to see you nice', married Lady Forsyth in 1983.
Commenting on his health in an interview last October, his wife said he was still having 'a bit of a problem moving'.
She said: 'He's in incredible shape mentally but he gets very tired.'
BBC director general Sir Tony Hall described Sir Bruce as 'one of the greatest entertainers our country has ever known.
'He has delighted millions of people and defined Saturday night television for decades, with shows like the Generation Game and, most recently, Strictly,' he said.
'His warmth and his wit were legendary. I've never seen anyone quite like him when it comes to performing in front of a crowd.He had a remarkable chemistry with his audience - that's what made him such an amazing professional and why he was so loved. He has been part of all of our lives, and we'll miss him dearly.'
The presenter received a knighthood for his service to entertainment in 2011 and also received a Guinness World Record for the longest TV career.