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He retired in 2002 and handed over the licence to his son Andrew, who is now a multiple Classic-winning trainer.
In a post on Instagram, Park House Stables, external wrote: "We are deeply sorry to share the sad news that Ian Balding has passed away.
"A wonderful family man, a hugely successful racehorse trainer and a brilliant sportsman.
"He will be greatly missed by all at Park House."
His daughter Clare, who has presented BBC coverage of seven Olympic Games during her career, wrote on Instagram, external: "My Dad was one of a kind. Fearless, funny and charming, he was an all-round sportsman, a great trainer and a beautiful horseman.
"He loved his dogs, his horses and his family - probably in that order.
"He shared with me his passion for sport and taught me to be brave enough to chase a dream, even if it seemed impossible. We'll miss him so much."