The Hollywood beauty died at her home in New York City after suffering an apparent stroke yesterday morning. She is survived by three children.
Bacall died a day after another Hollywood legend, Robin Williams passed away, leaving the industry and fans shocked and saddened.
Streisand played Bacall's daughter in 'Mirror Has Two Faces' in 1996. "What a terrible loss for us all. First Robin who was a genius and now Lauren," she said in a statement.
McCarthy, her co-star in 1999's 'Diamonds', took to Twitter to pay respect to the actress.
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"I had the amazing opportunity to work with Lauren Bacall in the movie Diamonds. She was one of a kind. #legend #RIP," she wrote, adding a photograph from the movie.
"Lauren Bacall's life is a life to be celebrated. I am told her last performance was on 'Family Guy'. For that we are forever honoured and privileged. Thank you, Lauren, for teaching us all how to whistle," he said in a statement.
Other stars who paid tribute to Bacall in social media include Mia Farrow, John Cusack and Kris Jenner among others.
'Modern Family' actor Jesse Tyler Ferguson shared a photo of him and Bacall on Instagram.
"Rest in peace Lauren Bacall. I'm honoured to have met you. A true class act who will be missed," he captioned the picture.