The tough 60 Minutes regular passed away at a care centre in New Canaan, Connecticut.
Wallace interviewed the most famous people and leaders around the world in a television career which spanned over 50 years.
He won a stack of awards for his hard-hitting interviews with people including Iranian President Mahmoud Ahmadinejad, Dr. Jack Kevorkian and Malcolm X.
After a successful triple bypass operation early in January 2008, he retired from public life.
Wallace made his national TV debut in America with The Mike Wallace Interview in 1957 after a series of hit local news shows in the New York area, where he became known as a tough newsman who asked the difficult questions of public figures.
He was picked to front 60 Minutes when the weekly CBS news programme debuted in September, 1968. After a slow start, the show became a hit among critics and when it switched to its regular Sunday night spot in 1977 it quickly became one of the most-watched shows in America.
Paying tribute to Wallace on Sunday (08Apr12), CBS network boss Leslie Moonves said, "It is with tremendous sadness that we mark the passing of Mike Wallace. His extraordinary contribution as a broadcaster is immeasurable and he has been a force within the television industry throughout its existence."