Melbourne talkback radio station 3AW confirmed the news in an on-air announcement on Friday, saying he had died at home on Thursday night.
Hinch became known as the "human headline" - a moniker he enthusiastically adopted - for his outspoken and often controversial opinions that frequently landed him in hot water.
The New-Zealand born larger than life personality was remembered by listeners and 3AW colleagues for never shying away from speaking publicly about the issues he saw as important.
Former colleague and 3AW newsreader Denis O'Kane remembered Hinch as a renegade and a lot fun.
"Serious guy to a lot of people, but also when you're out with him a lot fun," O'Kane said.
Hinch took his battle to hold those in power accountable to the political arena in 2016, forming Derryn Hinch's Justice Party and being elected to the Senate at age 72.
Former federal Labor MP Emma Husar remembered Hinch in a social media post as "a very good friend, support and mentor".
The pair were forced to reject media claims of an inappropriate sexual advance by Hinch directed at Ms Husar, which both said never occurred.
"The teller of a great story, a crusader for justice and things which were never spoken about but needed to be," Ms Husar wrote.
"He was ahead of the #MeToo movement and the royal commission into institutional abuse.
"Today I am sad although I know he would want me to only remember the remarkable life he alway said he was lucky to have."
Hinch had his fair share of off-air troubles, publicly discussing his battle with alcoholism which would come at great cost to his health.
He was diagnosed with liver cancer in 2007 and underwent an organ transplant in 2011.
In 2008, he served five months in home detention for naming two convicted child sex offenders.
He was also jailed for 50 days for refusing to pay a $100,000 fine for revealing the criminal past of Jill Meagher's killer Adrian Ernest Bayley in 2013.
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