His death was confirmed this morning with his family saying he had been suffering from Alzheimer's disease.
He played a key role in the peace process between Protestant and Catholics in Northern Ireland which eventually led to the Good Friday agreement.
He became the eighth Taoiseach of the country in 1992, serving for just under three years.
Mr Reynolds was eventually forced to resign after his government's mishandling of the extradition of paedophile priest Brendan Smyth.
He was arrested by police in Belfast accused of abusing several children but managed to flee to the Republic.
He spent three years on the run whilst authorities in Northern Ireland requested his extradition back to Britain.
Before being forced out of office by the scandal Reynolds was key in finding peace between the two sides.
Bishop of Ardagh and Clonmacnois, Fr Francis Duffy, said: "Albert Reynolds will be remembered locally as a committed and sensitive politician who made a real difference to the lives of his constituents in our community and economy.
"As a talented politician Mr Reynolds played a significant role in the political life of this country.
"Nationally and internationally he will be remembered as a major player in bringing peace to this island.
"This achievement was embodied in the Downing Street Declaration of December 1993, which paved the way for the first IRA ceasefire of 31 August 1994.
"This success is a shining example of commitment to the common good and dedication to the long sought and precious goal of securing peace in Ireland.
"We remember in our prayers his wife Kathleen, his two sons and five daughters and family members."
Current Taoiseach Enda Kenny expressed his sympathies with the family and paid tribute to the former leader's time in office: "Albert Reynolds brought an energy and drive to the development of business and economic growth during his tenure in office as minister for industry and as minister for finance.
"As Taoiseach, he played an important part in bringing together differing strands of political opinion in Northern Ireland and as a consequence made an important contribution to the development of the peace process which eventually led to the Good Friday Agreement."
Speaking on BBC Radio Ulster Northern Ireland Deputy First Minister Martin McGuinness said: "I think Albert Reynolds showed tremendous courage, Albert was a peacemaker.
"He was someone who understood the North and the nationalist republican community but, just as importantly, he understood the loyalist unionist community and had contacts in both."