Smith shot to fame along with his partner-in-comedy Griff Rhys Jones in "Not the Nine O'Clock News," whose take-down of earnest BBC newscasts, talk shows, and commercials would influence a generation of comedians.
"We probably enjoyed ourselves far too much, but we had a rollercoaster of a ride along the way. Terrific business. Fantastic fun, making shows. Huge parties and crazy times," Jones said. "Mel was always ready to be supportive. Nobody could have been easier to work with."
It also featured a generation of comedians, including "Mr Bean" actor Rowan Atkinson and actress Pamela Stephenson.
Smith and Jones' company, Talkback Productions, went to nurse other British comedic greats, including Sacha Baron Cohen's wince-inducing character Ali G and Steve Coogan's hilariously awkward Alan Partridge.
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Born in London, Smith was directing plays by the age of six. He studied experimental psychology at Oxford, directing productions at the Oxford Playhouse and performing at the Edinburgh Fringe Festival in Scotland.
Smith directed films including "Bean The Ultimate Disaster Movie," starring Atkinson, and Richard Curtis in rom-com "The Tall Guy." His acting credits include the 1987 cult hit, "The Princess Bride."
Agent Michael Foster said Smith died yesterday at this home in northwest London. He is survived by his wife, Pam.