Manna Dey was 94-years-old.
The singer had been ill for the past few months and was in the hospital due to a respiratory infection. Manna Dey's funeral is set to take place later on Thursday, and tributes have already started coming in from the film industry, his fans, and the government.
India "has lost a veteran playback singer, a versatile artist of extraordinary ability and a creative genius who mesmerized listeners with his enchanting voice," President Pranab Mukherjee said.
The prime minister went on to describe Dey, whose career in Bollywood music spanned six decades, as the "king of melody."
The prime minister, Manmogan Singh, described Dey as the "king of melody" and said with his death, the music world had lost one of its most talented artistes.
"I am deeply saddened to hear of the demise of the King of Melody, Manna Dey. An accomplished singer with a unique voice, he was multi-talented and excelled in Rabindra Sangeet and various other forms of popular music," he said in his condolence message.
"In his death, the music world has lost one of its most talented artistes. Dey's legacy will, however, live on through the many songs he sang," Mr Singh added.
Manna Dey's long career included more than 3,500 songs which won him several awards for his contribution to music. In 2007, he was given the very high and prestigious Dadasaheb Phalke Award.
A majority of Dey's songs were created for Bollywood films and became giant hits. He sang for some of the biggest Bollywood stars in history and has been known far and wide by everyone and anyone.