The musical icon had been battling lung disease, according to a statement provided by his family.
"While we mourn his absence, we take solace in knowing that his extraordinary musical legacy will continue to resonate and inspire for generations to come," they wrote.
Born Sylvester Stewart, he was the second of five children. As an adolescent, Stone and his family moved from Denton, Texas to Vallejo, California. The family was heavily involved in the Church of God In Christ.
As a young man, Stone was a successful disc jockey for KSOL, an R&B radio station in San Mateo, California. His playlists included popular records by white artists such as the Beatles and the Rolling Stones.
During this time Stone also worked as a record producer for Autumn Records, producing San Francisco-area bands. One of the Stone-produced singles was Bobby Freeman's "C'mon and Swim," which reached No. 5 on the U.S. pop chart in 1964.
Stone and his brother Freddie merged their own bands together in 1966 to form Sly & the Family Stone. In it, women - notably – were not just vocalists but also played instruments, a rarity for the era. And it included both Black and white musicians. Within a few years, the group was turning out hits such as "Everyday People," "Family Affair," and "Dance to the Music."