The moviemaker passed away in Madrid, Spain on Friday (23Nov12). He had been suffering from throat cancer, according to Reuters.
Borau made his feature directorial debut with 1963 western Brandy, and achieved international success with 1975's Poachers.
Choosing to work on only a handful of big screen projects during his career, his last major movie was 2000's Leo, which won him a Goya award for Best Director.
Borau, who also made television documentaries and fictional tales, had a close connection to Spain's San Sebastian Film Festival after previously serving as a member of the Official Jury, and organisers have paid tribute to the star.
In a statement, they write, "Borau, who was also Chair of the Academia de Artes y Ciencias Cinematograficas and of the Sociedad General de Autores y Editores (SGAE), always demonstrated his support of the San Sebastian Festival, whether in his actions as holder of these important positions or at personal level.
"The Festival therefore wishes to thank him dearly and pay warm tribute to his memory."
The 79 year old passed away on Saturday (13Nov10) in Madrid.
Berlanga made his directorial debut in 1951, teaming up with late moviemaker/screenwriter Juan Antonio Bardem for That Happy Couple.
He was an outspoken critic of the dictatorship of Francisco Franco, the former Spanish head of state, and managed to find ways around strict censorship laws to make movies like 1959's Miracles on Thursdays.
He was also the man behind Welcome Mr. Marshall! and The Executioner, both of which have gone down as classics in the history of Spanish film. He also received high praise for Everyone to Jail! - the 1993 comedy which won him the Goya Award for Best Director.
Berlanga was also recognised by the Academy Awards, landing a nomination for Best Foreign Language Film for Placido in 1961.
He is survived by his wife, Maria, and three sons.
Cell 211 scooped a massive eight trophies at the ceremony in Madrid, including Best Film, Best Adapted Screenplay, Best Director for Daniel Monzon and Best Actor for Luis Tosar.
Agora, which stars Weisz as a female philosophy professor in Roman Egypt, picked up seven prizes with nods for Best Special Effects, Wardrobe and Best Original Screenplay.
Danny Boyle's Slumdog Millionaire was chosen as best European film.
Penelope Cruz missed out on the Best Actress statuette for her role in Pedro Almodovar's film Broken Embraces - the coveted prize went to Spanish actress Lola Duenas for Me, Too.
Almodovar - who quit the academy in 2005, citing disagreements with the voting procedures - received a standing ovation as he made a welcome return to the Goyas after a five-year absence, with a late appearance at the ceremony to present the Best Film prize.
And he credited academy president Alex de la Iglesia with facilitating his return, telling the crowd, "I'm here because you have a very persistent president. He pestered me until two days ago. And I had a lot of excuses, but he wouldn't take no for an answer."