Hoskins died in a hospital surrounded by family and friends, his agent told the BBC.
Born in West Suffolk, England, Hoskins left school at age 15 and worked as a truck driver and a window cleaner. He decided to pursue an acting career in 1969 when he was waiting for his friend, actor Roger Frost, at an audition, was encouraged to read for the part, and ended up landing the role.
Hoskins won a Golden Globe and a BAFTA, and earned a Best Actor Oscar nomination in 1987 for his performance in Mona Lisa. He received two more Golden Globe nominations for arguably his most famous role as P.I. Eddie Valiant in 1988's Who Framed Roger Rabbit, and for 2005's Mrs. Henderson Presents.
Hoskins' last film appearance was in 2012's Snow White and the Huntsman.
In 2012, Hoskins announced that he was retiring from acting after being diagnosed with Parkinson's disease.
He is survived by four children and his wife, Linda Banwell.
Watch videos of Hoskins here.