Caan’s family made the announcement on Twitter, saying that he died on Wednesday evening.
Caan was best known for his role as Sonny Corleone in “The Godfather” and “The Godfather II,” but before the iconic film series about the mafia came out, Caan portrayed Brian Piccolo in “Brian’s Song,” TMZ reported.
Caan also was author Paul Sheldon in the film version of the Stephen King novel “Misery.”
Caan was introduced to new generations in the role of Walter, the father to Buddy Elf in the film “Elf.”
Before breaking into acting, Caan was born in the Bronx, the son of Jewish immigrants from Germany. He played football at Michigan State University, TMZ reported.
He leaves behind five children, including actor Scott Caan.
Caan spoke to The New York Times in 1991 about his personal battles with depression and cocaine.
The depression came after his sister, Barbara, died at the age of 38 following a long fight with leukemia.
The cocaine abuse came from Hollywood.
“First you have peer pressure,” Caan told the Times. “You have parties. I was single. There were girls. That was the way to get girls.
“I went through it, but not to the degree you’ve heard about. I wish I had done half the things people said I did.”
In the article, the Times said he had “virtually disappeared from the screen” after the 1980′s but his career had a resurgence, thanks to “Misery” putting him on the same level as Al Pacino, Dustin Hoffman and Robert Duvall.
While he wasn’t making movies for nearly a decade, Caan told the Times that he coached his son’s soccer and basketball teams during the day and dated Playboy bunnies at night. He became reclusive until friends Francis Ford Coppola, Rob Reiner and Mark Rydell saved him and his career.
“My real friends never quit on me,” Caan told the Times more than two decades ago.
1967 1967, American actors James Caan and Michele Carey wear Western costumes in a still from the film, 'El Dorado' directed by Howard Hawk. (Warner Bros./Getty Images)
1970 Hollywood, CA - APRIL 16: Actor James Caan at home playing a guitar on April 16,1970 in Hollywood, California. (Santi Visalli/Getty Images)
1971 Walt Disney Television via Getty Images MOVIE FOR TV - "Brian's Song" - Airdate: November 30, 1971. (ABC Photo Archives/Disney General Entertainment Con)
1972 1972: Left to right: American actors James Caan, Marlon Brando, Al Pacino and John Cazale (1936 - 1978) pose together outdoors in a still from director Francis Ford Coppola's film, 'The Godfather,' based on the novel by Mario Puzo. (Fotos International/Getty Images)
1973 Still image from the movie "Slither" (United Archives/FilmPublicityArchive/United Arch)
1975 Movie still from "Funny Lady" (United Archives/FilmPublicityArchive/United Arch)
1990 American actress Kathy Bates and American actor James Caan attend the Westwood premiere of 'Misery' held at the Mann Village Theater in Los Angeles, California, 29th November 1990. (Michael Ochs Archives/Getty Images)
2000 US actor James Caan (L) greets Stan Lee (R), the creator of the Marvel Comics characters Spider Man and the Incredible Hulk, at Lee's 60th Anniversary in Entertainment Gala in Hollywood, CA 29 February, 2000. (LUCY NICHOLSON/AFP via Getty Images)
2000 Kurt Warner, Wife, James Caan, & Burt Reynolds during 2000 ESPY Awards at MGM Grand Hotel in Las Vegas, Nevada, United States. (Steve Granitz/WireImage)
2000 James Caan and Joaquin Phoenix at special screening at the Tribeca Grand Hotel for the Miramax movie " The Yards ". (New York Daily News Archive/NY Daily News via Getty Images)
2000 CANNES, FRANCE: US actor James Caan and South African actress Charlize Theron pose 21 May 2000, upon their arrival at the Palais des Festivals for the closing ceremony in Cannes."Stardom", directed by Franco-Canadian director, will close the French festival. (PASCAL GUYOT/AFP via Getty Images)
2002 James Caan and wife Linda at Paramount Picture's 90th Anniversary celebration "90 Stars for 90 Years" at Paramount Studios in Hollywood, Ca. (Kevin Winter/Getty Images)
2002 HOLLYWOOD - JULY 14: Actor James Caan attends Paramount Pictures' "90 Stars for 90 Years" Anniversary Celebration at the Paramount Pictures Studios on July 14, 2002 in Hollywood, California. (Robert Mora/Getty Images)
2003 Actor James Cann talks on stage at The Help Group's 26th Annual "Teddy Bear Picnic" charity luncheon to benefit children challenged by autism and other learning disabilities which honored producer Jerry Weintraub at the Beverly Hilton Hotel on June 5, 2003 in Los Angeles, California. (Frazer Harrison)
2003 Sylvester Stallone and James Caan during Fernando Vargas vs Fitz Vanderpool Ringside at The Grand Olympic Auditorium in Los Angeles, California, United States. (Christopher Polk/Getty Images)
2003 LOS ANGELES - AUGUST 11: (US TABS - HOLLYWOOD REPORTER OUT) Actors Robert Duvall (R and James Caan (L) talk at the after party for Disney's new movie Open Range on the top level of a parking garage on August 11, 2003 in Los Angeles. (Carlo Allegri/Getty Images)
2003 BEL AIR, CA - JULY 15: Actor James Caan and Hugh Hefner have a laugh during Fight Night at the Playboy Mansion on July 15, 2003 in Bel Air, California. (Donald Miralle/Getty Images)
2004 Actors Josh Duhamel and James Caan arrive at Step-Up Women's Network's Fourth Annual Fashion Forward Luncheon on November 13, 2004 at Greystone Mansion in Beverly Hills, California. (Amanda Edwards/Getty Images)
2004 James Caan and Willie Nelson during Willie Nelson and Friends: "Outlaws & Angels" - Show and Backstage at Wiltern Theatre in Los Angeles, California, United States. (Michael Caulfield Archive/WireImage for NBC Universal Phot)
2004 Actors Scott Caan (L) and father James Caan attend the after party for Warner Bros. premiere of the film "Ocean's Twelve" at The Grand Ballroom at Hollywood and Highland Entertainment Complex December 8, 2004 in Hollywood, California. (Carlo Allegri/Getty Images)
2005 BEVERLY HILLS, CA - OCTOBER 21: Actors Bruce Willis and James Caan arrive at the 20th Annual American Cinematheque Award Honoring Al Pacino at the Beverly Hilton Hotel on October 21, 2005 in Beverly Hills, California. (Frazer Harrison/Getty Images)
2007 Larry David and James Caan at the Callaway Golf Foundation Challenge at the Riviera Country Club in Los Angeles California on November 5, 2007. (John Shearer/WireImage)
2010 TORONTO, ON - SEPTEMBER 14: Actor James Caan from "Henry's Crime" poses for a portrait during the 2010 Toronto International Film Festival in Guess Portrait Studio at Hyatt Regency Hotel on September 14, 2010 in Toronto, Canada. (Matt Carr/Getty Images)
2011 NEW YORK, NY - APRIL 04: Actor James Caan attends the Cinema Society with DeLeon Tequila and Moving Pictures Film & Television screening Of "Henry's Crime" at Landmark's Sunshine Cinema on April 4, 2011 in New York City. (Larry Busacca/Getty Images)
2022 LOS ANGELES, CALIFORNIA - FEBRUARY 22: James Caan speaks onstage during the 50th Anniversary celebration of "Godfather" at Paramount Pictures Studios on February 22, 2022 in Los Angeles, California. (Frazer Harrison/Getty Images for Paramount Pictu)