The 'Fairytale of New York' hitmaker was first diagnosed with head and neck cancer in 2007, and was declared cancer-free in April 2012 after undergoing treatment. Doctors discovered a new, inoperable tumor in August 2012, reported Rolling Stone magazine.
"After a long illness Philip passed away peacefully this morning. We all send our sincere condolences to his family," a statement on the band's website read.
Chevron joined The Pogues, fronted by Shane MacGowan, following the release of their 1984 debut album, 'Red Roses for Me'.
Tributes have come flooding in for the late guitarist on Twitter with many fans and musicians expressing their sadness at his passing.
Paul McCloone, lead singer from The Undertones, wrote, "Sincere condolences to the family and many friends of Philip Chevron. A fine musician and a great songwriter. RIP."
Thin Lizzy and Black Star Riders rocker Ricky Watwick said, "Very sad to hear of the passing of the great Phil Chevron today.