The star - best known for his roles in hit films such as Aliens, Apollo 13, Twister and Titanic - died suddenly on Saturday.
In a statement his family confirmed his death and described him as a "beloved and prolific actor and filmmaker" whose "illustrious career" spanned four decades.
His family said: "It is with heavy hearts we share the news that Bill Paxton has passed away due to complications from surgery."
At the time of his death he was starring in the US TV series Training Day, a follow-up to the 2001 film which starred Denzel Washington and Ethan Hawke.
He is survived by his wife of almost 30 years, British painter Louise Newbury, and two children, James, 23, and Lydia, 19.
His son James is also an actor and currently stars in the TV programme Eyewitness, and his daughter is a student at Duke University in North Carolina.
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