The former presidential advisor passed away at his home in Washington, D.C., yesterday after suffering complications from a stroke last month.
Valenti, who has his own star on the Hollywood Walk of Fame, is widely credited for introducing the modern-day film ratings system to the industry and guiding Hollywood into the digital age.
His close friend director Steven Spielberg paid tribute to the star for his contribution to the film industry, praising him as a "giant voice of reason" and hailing him as "the greatest ambassador Hollywood has ever known."
He is survived by his wife Mary, and their three children, Courtenay, John and Alexandra.
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