Also known by his wrestling name Razor Ramon, Hall died as his family made the decision to turn off the machine.
The news was confirmed by WWE, who paid tribute to the iconic star at the beginning of Monday night's Raw broadcast.
It comes a week after he was admitted to hospital for breaking his hip after a fall.
Kevin Nash, one of Hall's closest friends, posted a devastating update before his death.
It appeared to confirm the wrestling legend would not survive.
He wrote on Instagram: "Scott's on life support.
"Once his family is in place they will discontinue life support.
"I'm going to lose the one person on this planet I've spent more of my life with than anyone else.
"My heart is broken and I'm so very f***ing sad."
Wrestlers around the world had sent their best wishes to Hall and his family.
Dwayne "The Rock" Johnson said: "Scott Hall, pulling for you my friend. Stay strong!
"We need the 'bad guy' back in the game."
In 1996, Hall defected from the then WWF to main competitors WCW in a key moment in what has been called the Monday Night Wars.
This saw the two companies go head-to-head on television in a battle for ratings.
He later formed the New World Order with Kevin Nash and Hulk Hogan, with the three returning to WWE in 2001 following owner Vince McMahon's purchase of his rivals.
Hall's life faced many controversies involving substance abuse, and he was released by the WWE in 2002.
The wrestler was able to overcome his problems, and in 2014 was inducted into WWE's Hall Of Fame for his work as Razor Ramon.
In 2020, he was inducted as part of the New World Order alongside partner's Hogan, Nash and Sean Waltman.
Hall was a WWE Hall of Famer
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Dwayne Johnson sent his thoughts to the family
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