Eco, who had been suffering from cancer, passed away at his home late yesterday, La Repubblica said on its website.
"The world has lost one of the most important men in contemporary culture," the daily said, while the Corriere della Sera said: "Umberto Eco, one of Italy's most celebrated intellectuals, is dead."
Eco was born on January 5, 1932, at Alessandria in the northern Italian region of Piedmont. He leaves a wife, Renate Ramge Eco, a German art teacher whom he married in 1962 and with whom he had a son and a daughter.
The young Umberto had a Roman Catholic upbringing, being educated at one of the Salesian institution's schools.
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His father was very keen for him to read law, but instead he took up medieval philosophy and literature at the University of Turin.
In the late 1950s, he started to develop ideas on semiotics - the study of signs, communicated either as spoken, written, scientific or artistic language.
"Books are not meant to be believed, but to be subjected to inquiry. When we consider a book, we mustn't ask ourselves what it says, but what it means," Eco said on his website.
A gothic murder mystery set in an Italian medieval monastery, it combines semiotics, biblical analysis, medieval studies and literary theory. It was adapted for the big screen by Jean-Jacques Annaud in 1986, starring Sean Connery as the detective monk William of Baskerville and Christian Slater as his young assistant, Adso of Melk.
Alarmingly, they find themselves enmeshed in a real-life drama, targeted by a secret society who believe they hold the key to the sect's lost treasure.
Eco, who continued his academic work late in life, wrote several other major novels including "The Island of the Day Before" (1994), "Baudolino" (2000) and "The Prague Cemetery" (2010), which describes staging posts in the rise of modern anti-Semitism.
Among his dozens of essays on semiotics, medieval aesthetics, linguistics and philosophy, two in particular gained enduring popularity with their analysis of cultural standards.