The Austrian businessman, who founded the Red Bull energy drink company in 1984, was instrumental in the brand’s involvement in Formula 1.
Mateschitz owned 49% of the energy drinks brand and was the driving force behind its move into racing, which began in the mid-1990s.
Mateschitz is survived by long-term partner Marion Feichtner and son Mark Gerhardter.
Mateschitz graduated from the Vienna University of Economics and Business with a marketing degree in 1972.
He worked for Unilever before moving to Blendax, a German cosmetics company owned by Procter & Gamble.
While travelling for work, he discovered Krating Daeng, the drink developed by Chaleo Yoovidhya which became Red Bull.
Red Bull first entered F1 in 1995 in partnership with Sauber, growing its stake to 60 per cent before the collaboration ended at the end of 2001.
In November 2004, he purchased the Jaguar Racing team from former owners Ford and created Red Bull Racing.
That year, Mateschitz also bought Austria’s A1-Ring, completing extensive renovation works and renaming it the Red Bull Ring before it reopened in May 2011.
A year later, he and Gerhard Berger teamed up to buy the Minardi team from Paul Stoddart, renaming it Scuderia Toro Rosso.
Red Bull won its first championships in 2010 with Sebastian Vettel, taking both titles in that year and the following three seasons.
Outside of racing, Mateschitz bought the football clubs SV Austria Salzburg and MetroStars, renaming them to Red Bull Salzburg and New York Red Bulls.
He founded RB Leipzig football team in 2009 and is also the owner of the German ice hockey club EHC Munchen, changing its name to Red Bull München.