Pryor died shortly before 8 a.m. after being taken to a hospital from his home in the San Fernando Valley, said his business manager, Karen Finch. He had been ill for years with multiple sclerosis, a degenerative disease of the nervous system.
Music producer Quincy Jones described Pryor as a true pioneer of his art.
"He was the Charlie Parker of comedy, a master of telling the truth that influenced every comedian that came after him," Jones said in a statement. "The legacy that he leaves will forever be with us."
Pryor lived dangerously close to the edge, both on stage and off.
He was regarded early in his career as one of the most foul-mouthed comics in the business, but he gained a wide following for his universal and frequently personal routines.
But the risk taking that drove him to career success pushed his personal life over the edge – a serious addiction to alcohol and cocaine, reports CBS News correspondent Bill Whitaker.
Smoking cocaine in 1980, Pryor set himself on fire and almost died. He put it in a movie. It was only years later that he admitted he'd been trying to kill himself, reports Whitaker.
His audacious style influenced generations of stand-up artists, from Eddie Murphy and Chris Rock to Robin Williams and David Letterman, among others.
A series of hit comedies and concert films in the '70s and '80s helped make Pryor one of the highest paid stars in Hollywood, and he was one of the first black performers to have enough leverage to cut his own deals. In 1983, he signed a $40 million, five-year contract with Columbia Pictures.
His films included "Stir Crazy," "Silver Streak," "Which Way Is Up?" and "Richard Pryor Live on the Sunset Strip."
Throughout his career, Pryor focused on racial inequality, once joking as the host of the Academy Awards in 1977 that Harry Belafonte and Sidney Poitier were the only black members of the Academy.
Pryor once marveled "that I live in racist America and I'm uneducated, yet a lot of people love me and like what I do, and I can make a living from it. You can't do much better than that."
But he battled drug and alcohol addictions for years, most notably when he suffered severe burns over 50 percent of his body while freebasing at his home. An admitted "junkie" at the time, Pryor spent six weeks recovering from the burns and much longer from his addictions.
He battled multiple sclerosis throughout the '90s.
In his last movie, the 1991 bomb "Another You," Pryor's poor health was clearly evident. Pryor made a comeback attempt the following year, returning to standup comedy in clubs and on television while looking thin and frail, and with noticeable speech and movement difficulties.