"It is with a heavy heart that I must share the devastating news that my beautiful daughter Lisa Marie has left us," Priscilla said in the statement to People.
"She was the most passionate strong and loving woman I have ever known. We ask for privacy as we try to deal with this profound loss. Thank you for the love and prayers. At this time there will be no further comment."
Earlier on Thursday, Priscilla Presley said that her "beloved daughter" was rushed to the hospital in a post on Instagram.
"She is now receiving the best care. Please keep her and our family in your prayers," Priscilla Presley said. "We feel the prayers from around the world, and ask for privacy during this time."
The Los Angeles Sheriff's Department confirmed to Yahoo! Entertainment that deputies responded to Presley's home in Calabasas around 11:17 a.m. PST.
The medical episode came just two days after Presley appeared at the Golden Globe Awards with her mother to support Baz Luhrmann's "Elvis" -- in which Austin Butler stars as her late father.
Presley, who was close with her famed father, was just 9 years old when Elvis died in 1977.
She inherited her father's estate when she turned 25 and later followed in his footsteps as a singer-songwriter, releasing three albums.
The daughter of the King of Rock married musician Danny Keough in 1988, with whom she had two children. Their daughter, Riley Keough, is an actress and model and their son Benjamin Storm Keough, who died by suicide at age 27 in 2020.
She later married Michael Lockwood, with whom she had twin daughters -- Finley and Harler Lockwood. Presley and Lockwood divorced in 2021.
Presley penned an essay in People magazine last year in which she discussed the grief she felt after the death of her son.
"I've dealt with death, grief and loss since the age of 9 years old. I've had more than anyone's fair share of it in my lifetime and somehow, I've made it this far," Presley wrote in August.
"But this one, the death of my beautiful, beautiful son? The sweetest and most incredible being that I have ever had the privilege of knowing, who made me feel so honored every single day to be his mother? Who was so much like his grandfather on so many levels that he actually scared me? Which made me worry about him even more than I naturally would have? No. Just no."