A statement released on behalf of his family said “It is with great sadness that the family of Peter Green announce his death this weekend, peacefully in his sleep.
“A further statement will be provided in the coming days.”
Green, from Bethnal Green in east London, formed Fleetwood Mac with drummer Mick Fleetwood in 1967.
Green left the band after a last performance in 1970 as he struggled with his mental health. He was eventually diagnosed with schizophrenia and spent time in hospital in the mid-70s.
In his absence, the band’s new line up, including Christine McVie, Stevie Nicks and Lindsey Buckingham, gained enormous success with a more pop sound.
In 1998, Green was inducted into the Rock and Roll Hall of Fame along with other past and present members of Fleetwood Mac.