President Chavez had been undergoing treatment for cancer since June 2011. The Vice president Nicholas Maduro announced last night that the president died at 4.25pm local time in the country's capital Caracas, using the broadcast to call for 'unity, tranquility and understanding'.
‘We have no doubt that commander Chavez was attacked with this illness,’ added Mr Maduro, blaming ‘imperialist’ foes led by the United States.
He said: 'The old enemies of our fatherland looked for a way to harm his health.’
Chavez will be laid to rest in a massive state funeral on Friday, which will be followed by Presidential elections to choose his successor witch will be held within the next 30days.
At the moment Venezuela faces a challenging future as Chavez had run Venezuela for more than 14 years, gradually placing all state institutions under his personal control.
Watch CNN's Shasta Darlington report below.