He died from a severe infection after going to hospital on Thursday following complications to a shoulder injury.
Parfitt's musical partnership with Francis Rossi, which spanned five decades, made Status Quo one of British rock's most enduring acts.
He had been due to launch a solo career with an album and autobiography planned for 2017.
Status Quo found global success with hits including Rockin' All Over The World.
Whatever You Want, co-written by Parfitt and released in 1979, became one of the band's biggest hits.
The musician had suffered a series of health problems including having to undergo a quadruple heart bypass in 1997.
In October, he said he would no longer be performing with his band after suffering from a heart attack in the summer.
'Rocked our world'
Fellow rockers have been paying tribute to Parfitt.
Queen guitarist Brian May tweeted: "Shocked and so sad to hear of the passing of Rick Parfitt. Hard to find words, You truly joyfully rocked our world. RIP dear buddy."
Former Ultravox frontman Midge Ure tweeted: "Dreadfully sad. Lovely man. Thoughts go out to his family and friends."
Ure co-organised Live Aid in 1985, which was famously opened by Quo performing Rockin' All Over The World.
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