The rocker had been suffering from dementia for the past three years and was replaced by his nephew, Stevie, for the band’s last tour promoting their 2014 album Rock or Bust.
'Renowned for his musical prowess, Malcolm was a songwriter, guitarist, performer, producer and visionary who inspired many,' a statement read.
'From the outset, he knew what he wanted to achieve and, along with his younger brother, took to the world stage giving their all at every show. Nothing less would do for their fans.
'He always stuck to his guns and did and said exactly what he wanted.’
'He took in great pride in all that he endeavored. His loyalty to the fans was unsurpassed.
'He leaves behind an enormous legacy that will live on forever.'
The rocker died peacefully today with his family by his side, the statement confirmed.
In 2014 Young was admitted into a nursing home to receive round the clock care.
He leaves behind his wife and two children.