Mr Khan suffered a massive heart attack around 12: 30 am on Wednesday and was taken to Holy Family Hospital, Bandra, where he was pronounced dead.
His son, Asad, who is working in Croatia, is expected to reach Mumbai later on Wednesday and his funeral will take place at the Nariyalwadi Cemetery, Byculla on Thursday afternoon.
Mr Khan was better-known by the names of the many memorable comic characters he played - Ninja Chacha, Lucky Chikna, Keshav, Manikchand, Fainku, Babu Bisleri, Popatwala.
On Twitter, filmmaker Hansal Mehta said that Mr Khan's finest performance - in Dubai Return - remains unseen.
Sad to hear about passing away of Razzak Khan. His finest performance in 'Dubai Return' with @irrfan_k unfortunately remains in the cans.? Hansal Mehta (@mehtahansal) June 1, 2016
Razak Khan has featured in films like Roop Ki Rani Choron Ka Raja, Raja Hindustani, Pyaar Kiya To Darna Kya and Baat Bann Gayi. He is best known for his roles in Shah Rukh Khan's 1999 film Baadshah and Salman Khan's Hello Brother.
Mr Khan was last seen in Kyaa Kool Hain Hum 3.
In 2012, Mr Khan also had a cameo in television show RK Laxman Ki Duniya.