Wolfe, 88, had been hospitalized with an infection according to his agent Lynn Nesbit, who confirmed his passing.
Wolfe edited a volume of work by himself and other prominent writers of the era, including Truman Capote, Joan Didion, Hunter S. Thompson, Norman Mailer, George Plimpton, titled "The New Journalism".
"To pull it off, you casually have to stay with the people you are writing about for long stretches. long enough so that you are actually there when revealing scenes take place in their lives."
By then he had already published a number of ground-breaking books of his own, including "The Electric Kool-Aid Acid Test", in which Wolfe provided a psychedelic chronicle of Ken Kesey and the Merry Pranksters as they experimented with LSD.
His first book, a collection of articles about the flamboyant Sixties, was published in 1965 as "The Kandy-Kolored Tangerine-Flake Streamline Baby".
Wolfe was born on March 2, 1930 in Richmond, Virginia, and never sought to rebel against his conservative, white bourgeois upbringing.
The book was the first example of what Wolfe described as "New Journalism".
The Electric Kool-Aid Acid Test by Tom Wolfe.
The list went on with "Radical Chic and Mau-Mauing the Flak Catchers", in 1970, a highly controversial book about racial friction in the United States. Both books were later turned into movies.
The Bonfire of The Vanities by Tom Wolfe. "He changed my life, and I am grateful I was able to thank him for the wildly unrealistic dream he gave me as an 18 year old boy", astronaut Scott Kelly tweeted.
Wolfe moved to writing novels in the mid-1980s, penning "The Bonfire of the Vanities".
Wolfe is survived by his wife and two children.