His influential, genre-defying music blended jazz, funk, R&B, disco and rock, winning seven Grammy Awards and an Oscar.
Prince was found unresponsive in an elevator at his Paisley Park Studios compound, which included his home, in the Minneapolis suburb of Chanhassen, according to the Carver County Sheriff's Office. Emergency workers tried to revive him, but he was pronounced dead a short time later.
The sheriff's office said it was investigating the circumstances. The local medical examiner's office said in a tweet that an autopsy had been scheduled for Friday.
Rolling Stones frontman Mick Jagger hailed his fellow singer and musician as "revolutionary" and one of the most unique and exciting artists of the last 30 years. Prince was an original lyricist and a "startling" guitar player, he added.
"His talent was limitless," Jagger wrote on Twitter.
President Barack Obama called Prince "one of the most gifted and prolific musicians of our time," and said few had influenced "the sound and trajectory of popular music more distinctly."