The actor died Tuesday morning in Texas following longtime illness, family spokesman Jeff Ballard confirmed to variety.com.
"We are all beyond heartbroken and devasted over Phil's passing. His wonderful sense of humour, kindness and loyalty will be remembered by all who crossed his path in life," said Ballard.
McKeon played the role of Tommy Hyatt on "Alice" from 1976 to 1985. Following that, he appeared in several other TV shows including the NBC crime drama "CHiPs" and series "Fantasy Island" and "The Love Boat" in 1984.
On the film side, McKeon appeared mostly in horror pics, among them "Return to Horror High" and "Ghoulies 4".
His most recent credit was as a co-producer on the 2005 psychological thriller feature "The Jacket", which starred Adrien Brody and Keira Knightley, and boasted George Clooney, Peter Guber and Steven Soderbergh among its producers.
Charlie Sheen, who starred opposite McKeon in the "No Day at the Beach" episode of the 1980s anthology series "Amazing Stories", was one of the first to share his memories of working with McKeon via social media.
"Shared some wonderful moments in the 'trenches' with Phil McKeon many moons ago. Over the past few decades, he was always a perfect gentleman and an ebullient spirit. And his goofy af smile, was pure gold. r.i.p. young man. Much much too soon, you cut out," Sheen tweeted with a photo of himself and McKeon from the episode.
McKeon had spent the last several years hosting his own radio show in Wimberly, Texas where he moved to be closer to his family.
He is survived by his mother, Barbara and his sister, actress Nancy McKeon.
( With inputs from IANS )