He reportedly died Thursday morning at Jupiter Medical in Florida.
In 1997 Reynolds was nominated for an Oscar for Best Supporting Actor in "Boogie Nights".
His roles over the years ranged and pivoted from Southern heartthrob to tough guy to comedy, notably for his role as Rep. David Dilbeck in the 1996 film "Striptease", which flopped at the box office but earned him widespread praise for his comedic prowess.
"It was the only time I saw men get up, sick, and walk out of a theater", he added. And he had a hit TV show in the 1990s with "Evening Shade".
Smith's most memorable Reynolds reference was in Mallrats, when T.S. and Brodie talk with Alyssa Jones about a party during which Alyssa had sex with Clerks baddie Rick Derris on a pool table, while Rick and Alyssa were dressed as Smokey and The Bandit.
Reynolds is survived by his son, Quenton, whom he adopted with ex-wife Loni Anderson, when he was three days old.
In a recent interview on the "Today" show, Reynolds said that Field was the love of his life.
Once among Hollywood's highest-paid actors, Reynolds later fell into financial trouble amid private ventures in an Atlanta restaurant and a professional sports team, though he continued to make cameo appearances and teach acting classes.
"I didn't open myself to new writers or risky parts because I wasn't interested in challenging myself as an actor". His later years were a mix of smaller roles in films and a return to guest shots on TV series, some such as animated spy spoof Archer playing on Reynolds' own past glories.