The star was admitted to New York's Roosevelt Hospital with dehydration earlier this month (Jul12), but her health took a turn for the worse when she went into cardiac arrest while under doctors' care.
She was discharged on Friday (13Jul12) to continue her recovery at her Manhattan home, but she lost her fight for life on Sunday (15Jul12).
Her niece Amy Phillips tells CNN, "She passed peacefully in her home in her own bed with her husband and friends and family nearby."
The Big Apple native began her career in theatre and landed her first major Broadway role in a 1940 revival of The Time of Your Life, starring alongside a young Gene Kelly. She went on to captivate audiences with her performance as Ado Annie in a 1943 production of hit musical Oklahoma!.
Holm made a successful transition to Hollywood in the late 1940s and won an Oscar and Golden Globe for Best Supporting Actress following the release of 1947 Gregory Peck drama, Gentleman's Agreement. She landed further Academy Award nominations for Come to the Stable (1949) and All about Eve in 1950.
She co-starred with Frank Sinatra in comedy The Tender Trap in 1955 and the musical High Society (1956), and starred in other films like Tom Sawyer and Three Men and a Baby. She also made guest appearances in TV series such as Columbo and Falcon Crest, and became known later on in her career for U.S. soap operas Loving and Promised Land.
Holm retired from Hollywood in 2009, five years after she wed her fifth husband, opera singer Frank Basile, who was 46 years her junior.