The actor passed away on Friday at a hospital in West Virginia after a month-long hospitalisation due to kidney and liver failure, according to TMZ.
His family is currently making funeral arrangements, reports variety.com.
The actor carved a niche in pop culture history with his role in the 1984 hit "Karate Kid". Garrison's character is best recalled for his "Karate Kid" line: "Get him a body bag!"
He had recently reprised his role as Tommy in the series "Cobra Kai", which was written and produced by Jon Hurwitz. Hurwitz shared his sympathies with a tweet: "Our entire 'Karate Kid'/'Cobra Kai' family is devastated by the news of the OG Cobra Rob Garrison's passing."
"We were looking forward to seeing his smiling face again this season, as we had plans for Tommy to ride again," Hurwitz wrote on Twitter, revealing that Garrison was potentially scheduled to appear in season three.
Garrison started acting as a child actor in 1977 in "Starship Invasions", and followed it up with small roles. He played Tommy in the original 1984 "The Karate Kid" as well as "The Karate Kid Part II", which was released in 1986. He continued making onscreen appearances in "Coach", "The Iron Eagle", "Columbo" and "MacGyver" before joining the cast of YouTube's "Cobra Kai".
The actor tweeted about his appearance on the show in April, thanking his fans for the support.
"Thanks everyone for your wonderful comments on my appearance in 'Cobra Kai. Makes me feel great. Had a wonderful time doing it," he wrote at that time.
Garrison is survived by his brother, Patrick.
( With inputs from IANS )