President Sata, who was being treated in the UK, died in London's King Edward VII hospital on Tuesday night.
Media said that he died after "a sudden onset [of] heightened heart rate".
It is not immediately clear who will succeed the president. The issue may be decided by the Zambian cabinet which meets on Wednesday morning.
"It is with a heavy heart that I announce the passing on of our beloved president," cabinet secretary Roland Msiska said on national TV.
He said that Mr Sata's wife and son were at his bedside.
"I urge all of you to remain calm, united and peaceful during this very difficult period," Mr Msiska added.
The president's death comes just days after Zambia celebrated the 50th anniversary of independence from the UK.
Gravelly-voiced as a result of years of chain-smoking, Michael Sata rose to political prominence in the 1980s. He quickly earned a reputation as the hardest-working governor while in charge of Lusaka and as a populist man of action. But he was also known for his authoritarian tendencies, an abrasive manner and a sharp tongue - and his critics say his nickname of "King Cobra" was well-deserved.
A devout Catholic, Mr Sata had worked as a police officer, railway man and trade unionist during colonial rule. After independence, he also spent time in London, working as a railway porter, and, back in Zambia, with a taxidermist company.
On the fourth attempt, Mr Sata won presidential elections in 2011. At first he looked as if he would keep promises to tackle corruption and create jobs and prosperity. But his term in office was marred by a crackdown on political opposition and a decline in the economy.
Michael Sata is the second Zambian leader to die in office after Levy Mwanawasa in 2008. Presidential by elections are to be held in 90 days.
- BBC News
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