Wallach has appeared in popular films like The Good, The Bad and The Ugly, The Magnificent Seven and The Godfather: Part III.
The New York Times confirmed his death with his daughter.
The veteran actor's career spanned more than 60 years on film, television and the stage. In 1951 Wallach won a Tony Award for his performance in Tennessee Williams' "The Rose Tattoo."
"As an actor, I've played more bandits, thieves, warlords, molesters and mafioso that you could shake a stick at," Wallach said in a 2010 interview.
Although he was never nominated for an Academy Award, Wallach's career was acknowledged by the Academy of Motion Picture Arts and Sciences when he was awarded an honorary Oscar in November 2010.
The Academy recognized Wallach as "The quintessential chameleon, effortlessly inhabiting a wide range of characters, while putting his inimitable stamp on every role."