The musical maestro passed away after suffering a fall last week in which he broke his femur, according to his lawyer Giorgio Assumma, writes Reuters.
His career spanned most genres, from horror to comedy.
So-called Spaghetti Western movies saw him work closely with the late Italian film director Sergio Leone.
In 1984, Morricone and Leone worked together again on Once Upon A Time In America, a saga of Jewish gangsters in NY that explores themes of friendship, lost love and the passing of time.
OSCAR-WINNING COMPOSER Ennio Morricone has sadly died, aged 91.
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In The Good, the Bad and the Ugly, the sounds of coyotes, trotting of drum rhythms and electric guitar twangs made the soundtrack a worldwide hit, reaching number one in the United Kingdom chart in 1968. He started out as a member of the Italian avant-garde, something he showed with radical instrumentation even in his most popular scores.
"When I say "favourite composer", I don't mean movie composer. I'll never forget how magical those concerts were and I don't think anyone who was there will either", he said. "One of the best film composers of all time".
The '90s would land him one more Oscar nod and on Golden Globe nod and one win for Barry Levinson's neo-noir crime biopic Bugsy and Italian drama The Legend of 1900, with other notable works including Lorenzo's Oil, In the Line of Fire, Wolf and Bulworth.
Italian Health Minister Roberto Speranza wrote on Twitter: "Adieu maestro, and thank you for the emotions you gave us".
In 1956, he married the lyricist Maria Travia and together they had four children.
Muti called Morricone an "extraordinary" composer both for films and in classical music.