Mehta, who was Editorial Chairman of 'Outlook' magazine which he had founded, had been ailing for several months and was hospitalised at AIIMS.
He was suffering from severe lung infection and was on life support.
He died of multiple organ failure, AIIMS spokesperson Amit Gupta said.
Mehta, who wrote the best selling autobiography 'Lucknow Boy' in 2011, was a popular face in TV debates.
He recently published another book 'Editor Unplugged' but could not attend its launch in December last because of his illness.
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Born in Rawalpindi (now in Pakistan) in 1942, Mehta was known for his bold journalism.
Prime Minister Narendra Modi condoled his death.
"Frank & direct in his opinions, Vinod Mehta will be remembered as a fine journalist & writer. Condolences to his family on his demise," Modi tweeted.