She passed away at a private hospital here today following a brief illness, her family sources said.
Known for her experimental reforms in Mohiniyattam, Satyabhama helped make the traditional art form popular among dance buffs in the state.
Satuyabhama had joined Kalamandalam, a world renowned art learning centre in Thrissur district founded by eminent Malayalam poet Vallathol Narayana Menon, at the age of 12.
She later became the principal of the prestigious institution and retired from there in 1992.
Meanwhile, Kerala Chief Minister Oommen Chandy expressed grief at her demise.
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Recipient of several awards including the state government's Nritha Natya Puraskaram, Satyabhama was conferred the Padmashree in 2014.
She was married to Kathakali exponent late Kalamandalam Padmanabhan Nair.
Her body was cremated at Shoranur in the district in the evening.