"We have lost one of music's most revered and prolific visionaries," a post on the artist's official Facebook page notes.
A highly-respected artist known for his poetic and lyrical music, Cohen wrote a number of popular songs including the often-covered "Hallelujah."
His 14th studio album "You Want It Darker" had just been released on Oct. 21.
Cohen's manager Robery Kory said the artist's work would inspire "for generations to come."
Apart from his successful musical career, Cohen also wrote novels and numerous collections of poetry.
A memorial will be held in Los Angeles at a later date, the Facebook post said.