Diagnosed in September 2014 with terminal double-hit lymphoma, a rare form of blood cancer, he passed away in Auckland surrounded by family.
"It is with heavy hearts that the family of Martin Crowe, MBE, advise his death," his family said.
The batsman's cousin, Hollywood star Russell Crowe, who was in frequent contact during his cancer fight, said he had lost a true friend.
Martin Crowe, a batting great and T20 pioneer
"My champion, my hero, my friend. I will love you forever. RIP M.D.Crowe," the New Zealand-born actor tweeted.
My champion, my hero, my friend. I will love you forever.
— Russell Crowe (@russellcrowe) March 3, 2016
RIP M.D.Crowe . pic.twitter.com/PHynH9RNQ7
Crowe's family said he died surrounded by his loved ones and asked for privacy after the star's lengthy and very public battle with the disease, adding: "God speed. Rest in peace."
Crowe enjoyed a 13-year international career from 1982-95, including four years as captain.
He had a Test average of 45.36 in 77 matches and held a slew of New Zealand batting records when he retired, including most Test runs (5,444), highest Test score (299), most 50s (35) and most hundreds (17) -- the last of which still stands.
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In his retirement, Crowe devised a new ultra-short form of the game called Cricket Max for his new employer Sky Television, which helped lay the foundation for the modern Twenty20 revolution.
An ICC Hall of Fame inductee, he remained involved with New Zealand's top players until the end, mentoring batsmen such as Ross Taylor and Martin Guptill.
He particularly enjoyed the Black Caps' fairytale run to the Cricket World Cup final last year, admitting at the time that he had been uncertain he would live to see the tournament.
"Martin was a truly great sportsman -- one of our finest-ever batsmen and sharpest cricketing minds," Prime Minister John Key said.
Former Black Cap Craig Cumming said most experts agreed Crowe's career statistics would have been even more imposing but for a string of injuries.
"He had that freak ability to predict what length the ball was going to be bowled from the release point," he said.
"So he was already getting in position based on how the ball was released and his sixth sense allowed him to do that."
New Zealand Cricket said it was "deeply saddened" at the loss of the country's greatest batsman, while Cricket Australia hailed "a magnificent cricketer and wonderful man who will be sadly missed".
Former Black Caps captain Stephen Fleming called Crowe "one of our true greats".
"An inspiration to me and so many others," he tweeted.
Very sad to hear of the passing of martin crowe this morning. An inspiration to me and so many others. One of our true greats. RIP hogan
— Stephen Fleming (@SPFleming7) March 3, 2016
Others hailed Crowe's innovative captaincy, with Australia's Tom Moody calling him a "master batsman and one of the great thinkers in our game".
One ex-teammate Dion Nash said "the world is suddenly a lesser place", while another, Ian Smith, said he was stunned at the loss of his friend.
"To realise that he's gone at just 53, quite staggering," he told Radio Sport.
"For those of us who grew up watching cricket in the 80s, we owe him immensely," ex-Black Cap-turned-television commentator Scott Styris tweeted.
So sad to hear news of Martin Crowe passing away. For those of us who grew up watching cricket in the 80s, we owe him immensely #RIPCROWE
— Scott Styris (@scottbstyris) March 3, 2016
Here are few more reactions from all over the cricket world on the sudden loss of a cricketing great.
Saddened to hear of the passing of a great cricketer Martin Crowe - the best New Zealand captain I played against.
— Imran Khan (@ImranKhanPTI) March 3, 2016
RIP Martin Crowe you will always be remembered. You were the BEST I ever bowled against and a top human being. #Gonetoosoon #RIPMartinCrowe
— Wasim Akram (@wasimakramlive) March 3, 2016
Heartfelt condolences to family and fans of #MartinCrowe. Great cricketer and a fighter till the very end.
— Sachin Tendulkar (@sachin_rt) March 3, 2016
Until we meet again Hogan. Love Tuisi pic.twitter.com/gXJCWlvaCa
— Ross Taylor (@RossLTaylor) March 3, 2016
https://twitter.com/Martyguptill/status/705250108254781440
Just heard the news of Martin Crowe's passing. Brilliant player and ambassador for our game. Sympathies to Jeff and the family. #Hogan 😪😪
— Dean Jones AM (@ProfDeano) March 3, 2016
RIP Martin Crowe, an absolute legend and an iconic star for the @BLACKCAPS
— Virat Kohli (@imVkohli) March 3, 2016
My deepest condolences to his family and friends.
There were occasions when Sachin & me actually copied him, he was one of my favourite batsman. RIP, Martin Crowe.
— Sanjay Manjrekar (@sanjaymanjrekar) March 3, 2016
Gutted to wake up to hear of the passing away of Martin Crowe...A player & person I hugely admired .. A true great of the game .. #RIPHogan
— Michael Vaughan (@MichaelVaughan) March 3, 2016
RIP Martin Crowe !! Certainly the most stylish player of his time !! May ur soul rest in peace 4ever.. #sadday #martincrowe #cricketloss
— Ahmad Shahzad 🇵🇰 (@iamAhmadshahzad) March 3, 2016
Good man, great cricketer, outstanding captain and a fighter taken away too early. Goodbye Martin Crowe, loved around the world.
— Harsha Bhogle (@bhogleharsha) March 3, 2016
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