Sources close to the deceased said Kim, feeling under the weather, was admitted to Severance Hospital on Monday and was pronounced dead at 2:21 a.m. Tuesday.
During his sports administration career, Kim was one of the most powerful figures in the IOC, which he joined in 1986. He played an instrumental role in helping Seoul win the right to host the 1988 Summer Olympics.
He also served as the founding president of the World Taekwondo Federation -- presently World Taekwondo -- and of the South Korean national Olympic committee. Kim was largely responsible for helping taekwondo become an Olympic medal sport.
Kim was also credited with helping set up the joint march by the South Korean and North Korean athletes at the opening ceremony of the 2000 Sydney Summer Games.
In 2001, Kim waged an unsuccessful campaign for the IOC presidency, losing to Jacques Rogge, 59-23.
He was last seen in public at the opening ceremony of the National Training Center in Jincheon, North Chungcheong Province, last Wednesday.
He is survived by his wife, son and two daughters.
