Priscilla Presley -- Lisa Marie's mother and the iconic crooner's wife for six years until their divorce in 1973 -- said in a statement to People magazine: "It is with a heavy heart that I must share the devastating news that my beautiful daughter Lisa Marie has left us."
News of Lisa Marie Presley's passing triggered an immediate outpouring of grief from fans and famous friends.
"Our hearts are broken with the sudden and shocking passing of Lisa Marie Presley tonight.... It's too much," said Rita Wilson and Tom Hanks, who starred in the recent biopic movie "Elvis."
"Lisa baby girl, I'm so sorry. I'll miss you but I know I'll see you again," wrote actor John Travolta on Instagram.
"How heartbreaking. I hope she is at peace in her dad's arms," tweeted singer LeAnn Rimes.
Presley was found "unresponsive" by her housekeeper at home Thursday morning in the celebrity-studded Los Angeles suburb of Calabasas, entertainment website TMZ reported.
The Los Angeles County Fire Department, which runs paramedic services, told media that crews attended a woman in her mid-50s suffering cardiac arrest just after 10:30 am (1830 GMT), without confirming her identity.
Presley's ex-husband, Danny Keough, who also lives at the property, performed CPR until paramedics arrived and transported her to the hospital, where she was put in an induced coma on life support, before passing, TMZ said.
As recently as Tuesday, mother and daughter were seen together at the Golden Globe awards in Beverly Hills, where Austin Butler was awarded Best Actor in a drama for his turn as The King in Baz Luhrmann's film "Elvis."
Butler, whose performance has earned wide praise, thanked the two women during his acceptance speech.
"Thank you, guys. Thank you for opening your hearts, your memories, your home to me. Lisa Marie and Priscilla, I love you forever," Butler said.
Two nights before that, at a Los Angeles event thrown by "Elvis" studio Warner Bros, Presley gave a brief speech in which she said she was "overwhelmed by this film" and that her father would "be very proud."
Lisa Marie Presley was Elvis's only child. She had previously controlled Elvis Presley Enterprises, but sold the bulk of shares in the company to a private equity firm in 2005.
She retained control of Graceland, the Memphis, Tennessee estate her father owned and where he was found unconscious in August 1977.
He was taken to the hospital but pronounced dead from a heart attack. Toxicology reports found high levels of prescription drugs in his system.
Lisa Marie Presley released three albums this century, and is the mother of actor Riley Keough, who appeared in "Mad Max: Fury Road."
In addition to Danny Keough, whom she divorced in 1994, she has also been married to Nicolas Cage, Michael Jackson and actor/composer Michael Lockwood.
Presley was left devastated following the death by suicide of her son Benjamin less than three years ago.
TMZ said its sources stressed Lisa Marie Presley's death was not a suicide attempt.