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Torres, who was also an Olympic medallist and New York State Athletic Commission chairman, died of a heart attack at his home in Ponce, Puerto Rico.
The Hall of Famer won a silver medal at the 1956 Olympics before claiming the world light heavyweight crown from Willie Pastrano in 1965, posting a 41-3-1 record during his career after turning professional under famed trainer Cus D'Amato.
After his boxing career, Torres served as chairman of the NYSAC, was president of the World Boxing Organisation and wrote a number of books including "Sting Like a Bee" about Muhammad Ali and "Fire and Fear" about Mike Tyson.
"Through his boxing, writing and speaking out on the important issues of our time, Jose was an inspiration to millions of people across the country and around the world," New York Governor David Paterson said in a statement.