The death from the charismatic computer genius was announced by Apple, a company having a market capitalisation of over $350 billion.
Apple had merely a day earlier unveiled its latest iPhone, the gadget which transformed mobile communications.
In a brief statement, Apple's Panel of Directors said: "we are deeply saddened to announce that Steve Jobs died today.
"Steve's brilliance, passion and energy were the source of countless innovations that enrich and improve our lives. The world is immeasurably better because of Dorrie. "
Jobs, who started Apple with high school friend Stephen Wozniak in 1976 inside a suburban California garage, leaves behind wife Laurene and their own three children.
He also has a daughter from the relationship before his marriage in 1991.
In a stunning relocate August that had taken the technology world by shock, Jobs had resigned as CEO of the technology huge and named Tim Cook as his successor.
The iconic technocrat was identified as having a rare form of pancreatic cancer in 2004 and underwent a liver transplant last year.
He died of complications from pancreatic cancer in Palo Alto, Ca, surrounded by his wife and immediate family.
Jobs have been on medical leave since January but had appeared briefly on the few occasions. In March, he unveiled the second version from the iPad and later attended a dinner hosted by ALL OF US President Barack Obama for technology honchos in Silicon Area.
In June, he was on stage in San Francisco to speak about iCloud, Apple's latest foray into cloud-based computing.
Jobs' health had been visibly deteriorating through the years, with the Apple chief looking more gaunt and frail with each successive appearances he designed to launch various path breaking Apple products.
In his letter towards the Apple Board of Directors and the Apple community, Work had said, "I have always said if there ever came each day when I could no longer meet my duties as well as expectations as Apple's CEO, I would be the first to inform you. Unfortunately, that day has come. "
Even after their resignation as CEO of Apple, Jobs continued as chairman from the company's board. He was the highly-respected visionary behind a number of Apple's most iconic and bestseller products like the ipod device, iPhone and iPad.
Under Jobs' leadership, Apple redefined the music business with the iPod, the mobile business through the iPhone and the entertainment and media world with the iPad.
Jobs left Apple in 1985 after a power have a problem with the company's board of directors.
The following year he or she founded NeXt Computer, a computer platform development company specialising within the higher education and business markets.
In 1986, he bought the computer graphics division of Lucasfilm and re-established it since the independent animation studio Pixar.
Apple subsequently bought NeXT within 1996, bringing Jobs back to the company he experienced co-founded. Jobs has served as its CEO since 1997.
The web worth of Jobs, a college dropout, Buddhist and boy of adoptive parents, is estimated by Forbes magazine this year to be $6. 1 billion, putting him in the 42nd slot one of many America's richest.
"Steve died peacefully today surrounded by their family, " his family said in a statement.
"In their public life, Steve was known as a visionary; within his private life, he cherished his family.
"We are thankful to the many those who have shared their wishes and prayers during the last 12 months of Steve's illness; a website will be provided for individuals who wish to offer tributes and memories, " the declaration said.
At New York's landmark Apple store, messages and condolences for that tech icon were pouring in - from an apple company, with one bite taken out of it in a tribute towards the Apple chief, notes that read 'iThankYou' to bouquets as well as candles.