His family and representatives confirmed the news on Tuesday, reported Entertainment Weekly.
"Michael's joy and passion were infectious to those who knew and loved him. His charm and charisma were undeniable, and his love for the arts was felt by all who had the pleasure of working with him," his family said in a statement.
One of Sweden's most well-respected and accomplished actors, Nyqvist appeared as Blomvkist opposite Noomi Rapace in three Swedish films based on Stieg Larsson's "Millennium Trilogy". Daniel Craig portrayed the same character in the American remake of "The Girl with the Dragon Tattoo".
He also portrayed a cult leader who attempts to ensnare Emma Watson as she hunts for her missing boyfriend in 2015's "Colonia". He has also filmed roles in the submarine action film "Hunter Killer", co-starring Gerard Butler and Gary Oldman, and his final film will reportedly be "Kursk," a Colin Firth-led historical drama set for 2018.
After graduating drama school, he worked steadily in the Swedish theatre until his big break came with 2000's "Together", a Swedish dramedy directed by Lukas Moodysson. In 2004, he starred in "As It Is in Heaven", which was nominated for the best foreign language film Oscar.
Nyqvist is survived by his wife Catharina, and their children Ellen and Arthur.