Mr Chavez had been seriously ill with cancer for more than a year, undergoing several operations in Cuba.
Crowds of supporters gathered outside the Caracas hospital where he died, chanting "We are all Chavez!"
The exact nature of his cancer was never officially disclosed, leading to continuing speculation about his health, and he had not been seen in public for several months.
Following his death, Vice-President Nicolas Maduro will assume the presidency until an election is held within 30 days, Foreign Minister Elias Jaua said.
Mr Chavez's illness prevented him from taking the oath of office after he was re-elected for a fourth term in October.
Vice-president Nicolas Maduro was emotional as he announced Hugo Chavez's death.
Seven days of national mourning have been declared and his body will lie in state until a funeral on Friday.
May his soul rest in perfect peace
Crowd of supporters crying
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