According to his wife, Patti, the singer died on January 3 in Burbank from complications relating to his lung disease, reported Variety.
"We are absolutely heartbroken. He fought long and hard," Patti said.
Phil was born January 19, 1939, in Chicago, to country performers Ike and Margaret Everly.
The Everly Brothers set the standard for harmony singing in rock 'n' roll, in late 1950s and early 1960s.
The two brothers became popular with hits such as 'All I Have To Do Is Dream', 'Wake Up Little Susie', 'Bye Bye Love', 'When Will I Be Loved' and 'Cathy's Clown', among others.
Also Read
Norah Jones and Green Day's member Billie Joe Armstrong covered Everly Brothers' songs in an album called 'Foreverly' which was released in November.
Phil and his brother won the Grammy Lifetime Achievement Award in 1997. The duo additionally were inducted into the Rock and Roll Hall of Fame in 1986 and the Country Music Hall of Fame in 2001.
Phil is survived by his wife, mother, brother, two sons Jason and Chris, and two granddaughters. Funeral services will be held in private.