Newman died on Friday night at his farmhouse near Westport, Connecticut, surrounded by his wife of 50 years, actress Joanne Woodward, and other family and friends.
"His death was as private and discreet as the way he had lived his life, a humble artist who never thought of himself as 'big,'" said a statement released by his family on Saturday.
Paul Leonard Newman, known as "PL" to his friends, appeared in more than 50 movies, including "Cat on a Hot Tin Roof," "Butch Cassidy and the Sundance Kid" and "The Sting." He earned nine Oscar nominations for acting and won the best actor honor for 1986's "The Color of Money."
A director and race car driver as well as an actor, Newman was also known for his extensive philanthropy. He created Newman's Own food products, which funneled more than $250 million in profits to thousands of charities worldwide.
"He quietly succeeded beyond measure in impacting the lives of so many with his generosity," his five daughters said in a statement. "Always and to the end, Dad was incredibly grateful for his good fortune. In his own words: 'It's been a privilege to be here.'"
"There is a point where feelings go beyond words. I have lost a real friend. My life - and this country - is better for his being in it," said actor Robert Redford, Newman's friend and co-star in "Butch Cassidy" and "The Sting."Former President Bill Clinton and U.S. Senator Hillary Clinton said in a statement that they will miss their "dear friend." California Gov. Arnold Schwarzenegger called Newman the "ultimate cool guy" who was "one of a kind."