King, who lived in New Jersey, died of natural causes yesterday, spokesman Phil Brown told AFP.
R&B singer Gary US Bonds, who had collaborated with King, wrote on Facebook that he was "one of the sweetest, gentlest and gifted souls that I have had the privilege of knowing and calling my friend for more than 50 years."
King was born in North Carolina but moved as a child to New York City, where he had his start in doo wop and R&B. He initially wrote "Stand By Me" for another band before recording it himself.
The song was first released in 1961 but had several revivals and was covered hundreds of times in various genres.
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"Stand By Me" went on to become the fourth most broadcast song on US radio and television in the 20th century, with more than seven million plays, according to songwriting company BMI.
The song inspired the 1986 movie "Stand By Me," a coming-of-age drama directed by Rob Reiner, and appeared again in a jeans commercial.
In its announcement, the Library of Congress said that "Stand By Me" carried "perhaps the best known bassline in recording history" which was composed by songwriter Mike Stoller and played by Lloyd Trotman.
"But it was King's incandescent vocal that made it a classic," it said.
King remained active in his later life and kept touring. He also set up the Stand By Me Foundation, based in his home of Teaneck, New Jersey, that supported youth education.