Buffett is reported to have been diagnosed with skin cancer four years ago, which he succumbed to on Friday. He was 76 years old.
A brief statement has been posted to Buffett's official website, detailing the icon's final moments:
"Jimmy passed away peacefully on the night of September 1st surrounded by his family, friends, music and dogs. He lived his life like a song till the very last breath and will be missed beyond measure by so many."
Buffett began receiving hospice care last Monday.
Back in May, Jimmy decided to cancel a show he was booked for in South Carolina after having to be suddenly hospitalized for a significant issue that needed to be addressed immediately, which is believed to have been related to his skin cancer.
His loved ones were said to be incredibly supportive during his final days, including Paul McCartney, who visited Jimmy's house and performed for Buffett's family.
While Buffett, who launched his music career in the 1970s, is best know for his classic hit "Margaritaville," he has a notable list of popular tunes including "Changes in Latitudes, Changes in Attitudes," "Volcano," "A Pirate Looks at Forty," "Come Monday" and more.