Thompson passed away at his home in Nashville, Tennessee on Sunday from a recurrence of lymphoma, according to a statement from his family, reported CNN.
"It is with a heavy heart and a deep sense of grief that we share the passing of our brother, husband, father, and grandfather who died peacefully in Nashville surrounded by his family," the statement read.
"Fred was the same man on the floor of the Senate, the movie studio, or the town square of Lawrenceburg, his home... Fred believed that the greatness of our nation was defined by the hard work, faith, and honesty of its people. He had an enduring belief in the exceptionalism of our country, and that America could provide the opportunity for any boy or girl, in any corner of our country, to succeed in life."
Thompson began his career as an attorney, as he took on cases in both Nashville and Washington, DC, and also served as a lobbyist in the nation's capital.
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He later tried his hand in showbiz and took on the role of a district attorney on classic legal drama "Law & Order", serving as a show regular for five years until 2007, and reprising his role on several episodes of "Law & Order" spin-offs including "Law & Order: Special Victims Unit".
The Republican represented the state of Tennessee in the US Senate from 1994 to 2003, and in 2007, he launched a campaign to run for the Republican nomination for president.
However, his White House dreams were short-lived as he pulled out of the race in early 2008.