The actor, who had announced his retirement from acting in July 2012, died on Saturday at the Wellington Hospital here after a long illness, his agent, Steve Kenis, told BBC.
O'Toole won Oscar-nominations for his roles in 'Arabia', 'Becket', 'The Lion in Winter', 'Goodbye, Mr Chips', 'The Ruling Class', 'The Stunt Man', 'My Favorite Year' and 'Venus' but had to content himself with an honorary Oscar in 2003.
The Irish actor attended the Royal Academy of Dramatic Art. He became famous as a Shakespearean actor at the Bristol Old Vic and with the English Stage Company before making his film debut in 1959 with a minor role in 'The Day They Robbed the Bank of England'.
The film won seven, including the best picture, Oscars out of its 10 nominations but O'Toole lost out to Gregory Peck for his 'To Kill A Mockingbird' in the best actor race.
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But many believe his career's best performance was playing the role of eccentric King Henry II in 'Becket' opposite Richard Burton.
His diverse film resume also includes movies like 'Lord Jim','What's New Pussycat?', 'The Bible: In the Beginning', 'How to Steal a Million', 'The Night of the Generals' and 'Caligula'.
The actor was born 1932 in Connemara, County Galway, Ireland. His initial jobs were as office boy and reporter. He also served in the Royal Navy.
O'Toole won an Emmy Award for his role in the 1999 mini-series Joan of Arc.