A statement released on behalf of the artist's family Thursday said Caro died after suffering a heart attack on Wednesday.
Caro was one of Britain's best-known artists, and his large, abstract steel sculptures -- usually placed directly on the ground -- stand in galleries, museums and parks around the world.
Museums including Tate Britain and New York's Museum of Modern Art have held retrospectives of his work.
Caro, who trained as an engineer and served as an assistant to Henry Moore, helped abstract sculpture rise to world prominence. He also taught for many years at St. Martin's School of Art in London.
Tate director Nicholas Serota called him "one of the outstanding sculptors of the past 50 years."