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Paxton's acting career spans decades and played in some of the most memorable films in recent history, like Titanic and Twister.
Paxton was also playing this season in a CBS television series.
Paxton, a Texas native, got his start in films in the art department on Roger Corman movies in the '70s before getting a chance to go in front of the camera.
He quickly became a favorite of director James Cameron through the '80s and '90s, appearing in films such as "The Terminator," ''Aliens" and "Titanic."
In a statement, his family said he died due to complications from surgery.
"Bill's passion for the arts was felt by all who knew him, and his warmth and tireless energy were undeniable," the family said in a statement.
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The Associated Press contributed to this article.