The former leader - who was president between 2001 and 2008 - died in Dubai after a long illness, a statement from the country's army said.
He had survived numerous assassination attempts, and found himself on the front line of the struggle between militant Islamists and the West.
He supported the US "war on terror" after 9/11 despite domestic opposition.
In 2008 he suffered defeat in the polls and left the country six months later.
When he returned in 2013 to try to contest the election, he was arrested and barred from standing. He was charged with high treason and was sentenced to death in absentia only for the decision to be overturned less than a month later.
He left Pakistan for Dubai in 2016 to seek medical treatment and had been living in exile in the country ever since.
Musharraf died in hospital on Sunday morning. His body will be flown back from the United Arab Emirates to Pakistan on a special flight after his family submitted an application to do so, local TV channel Geo News reports.
In the statement Pakistan's military expressed its "heartfelt condolences" and added: "May Allah bless the departed soul and give strength to bereaved family."
Pakistan's President Arif Alvi prayed "for eternal rest of the departed soul and courage to the bereaved family to bear this loss."
Pakistan's Prime Minister Shehbaz Sharif also expressed his condolences, as did the country's military leaders.